FOREIGN CURRENCY COVER FOR FOREIGN CURRENCY LIABILITIES IN THE FOREIGN CURRENCY DEPOSIT UNITS (FCDU) OF COMMERCIAL BANKS
National Administrative Register October 22, 1997 [ BSP CIRCULAR LETTER, October 30, 1997 ]
The Monetary Board, in its Resolution No. 1410 dated October 22, 1997 decided as follows:
The unencumbered foreign currency cover for foreign currency liabilities in the foreign currency deposit units (FCDU) of commercial banks shall be as follows:
Minimum of 15% effective December 15, 1997; and
Minimum of 30% effective June 15, 1998.
This Circular Letter supersedes Circular Letter dated July 25, 1997.
Adopted: 30 Oct. 1997
(SGD.) GABRIEL C. SINGSON
Governor
Governor