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BSP to Cut RRR by 250bps, But Stresses No Change in MonPol

PHILIPPINES
  • The Philippine central bank cuts the reserve requirement ratio for universal, commercial and big banks by 250bps to 9.50%.
  • In accompanying comments, the BSP add that the RRR cut does not constitute any shift in the BSP's monpol settings or stance. They add that they continue to prioritize bringing inflation back toward a target-consistent path.
  • Local currency markets closed - but muted response in outright forward prices - 1m NDF trades mid-range at 56.2193 at typing.

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