Banking sector seen steeled on central bank positioning

Quick Summary:

AMID inflationary pressures and fiscal risks grappling the year 2024, the local banking sector has been steeled for further headwinds in the coming year; thanks to actions of the Bangko Sentral ng Pilipinas (BSP).

In September, the BSP decided to reduce the RRRs (how much cash banks must hold) by 250 basis points (bps) for universal and commercial banks (UKBs) and non-bank financial institution with quasi-banking functions (NBQBs).

The reduction brought down the ratios to 4 percent for digital banks and TBs to 1 percent.

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Article Details

Author / Journalist: Cai U. Ordinario

Category: BusinessStartups

Markets: Philippines

Topics: Year Rates Interest Told Basis Digital Policy Banks Monetary Bank Percent

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-31 @ 16:01:00 (5 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1242 words

Reading Time: 7 minutes read

Sentences: 47 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 24786273

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Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

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News Last Updated: 11 hours ago

Coverage Areas: Philippines

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