Banks’ placements in BSP surge 22%

The central bank is closely monitoring its overnight borrowing and special deposit accounts (SDAs) after funds placed by banks in these facilities surged almost 22 percent in May from end-December.

Based on the latest Bangko Sentral ng Pilipinas (BSP) reserve money data, despite cutting policy rates by 175 basis points since December, funds parked in SDAs and reverse repurchase agreements (RRPs) increased to P794.615 billion as of May 15 from P653.879 billion in December.

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