THE BANGKO SENTRAL ng Pilipinas (BSP) will likely cut banks’ reserve requirement ratio (RRR) to 10% to encourage them to cut transaction fees on small-value digital payments, its governor said on Monday. READ:
THE BANGKO SENTRAL ng Pilipinas will likely cut
“What I’m telling is, we’ll be more eager to cut the reserve requirements if they help us in this area. Our target is 10% and we can make it lower than 10%,” he said.“I’m confident that it will happen soon. I’m sure the BAP will work out a proposal that we can all agree on, a fair way of handling it,” he said.
The BSP wants 70% of Filipino adults to have a formal financial account by this year. It also wants digital payments to make up 50% of all transactions both in volume and value.
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