Monetary regulators may reduce the amount of cash that banks are required to hold by as much as two percentage points each year which, if implemented without interruption, will free up almost P1 trillion in idle funds by the end of the term of Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. The BSP chief believes that these funds --- which regulations require to be kept immobilized in bank vaults both as a source of emergency liquidity and a monetary control tool --- constitute an indirect tax on the financial system, which could better utilize them to fund the needs of the growing Philippine economy. In a text m...
Keep on reading: BSP chief’s staggered reserve cuts to free up P1 trillion in cash by 2023
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