Starting June 30, the RRRs imposed on banks will be reduced to coincide with the expiration of alternative modes of compliance with such requirements, according to the BSP. | RonWDomingoINQ /PDI
The RRR will decrease by 250 basis points for universal and commercial banks and non-bank financial institutions with quasi-banking functions ; 200 bps for digital banks, and by 100 bps for thrift banks, rural banks, and cooperative banks.This will bring the RRRs of U/KBs and NBQBs to 9.5 percent, digital banks to 6 percent, thrift banks to 2 percent, and rural and cooperative banks to 1 percent.
Reserve requirement is the amount of funds that a bank is required to hold in reserve to ensure that it will be able to meet liabilities in case of withdrawals. It is also used by the central bank as a tool to increase or reduce money supply in circulation and influence interest rates.
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