February 1, 2018 / 2:53 AM / 3 months ago

Philippine c.bank says planned RRR cuts not meant to change policy

MANILA, Feb 1 (Reuters) - The Philippine central bank said on Thursday planned cuts in banks’ required reserves are part of financial market reforms and not meant to change the stance of monetary policy.

“Forthcoming reductions in RRR should not be mistaken as a change in monetary policy stance,” Bangko Sentral ng Pilipinas Governor Nestor Espenilla said in a text message.

The central bank has flagged a plan to eventually reduce the reserve requirement ratio, currently at 20 percent and one of the highest in the region, as it reduces its reliance on this tool to manage liquidity. (Reporting by Karen Lema; Editing by Jacqueline Wong)

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