BSP CIRCULAR NO. 1355 S. 1992, September 11, 1992
LEGAL RESERVES REQUIREMENT FOR THRIFT BANKS
National Administrative Register September 11, 1992
The Monetary Board, in its Resolution No. 839 dated September 4, 1992, amended Item b of Resolution No. 578 dated June 26, 1992 and Circular No. 1346, so as to read as follows:
“b. Thrift banks authorized to accept or create demand deposits shall maintain legal reserves at the rate of 25% of such deposits. Said banks, however, may continue to maintain legal reserves of 19% for all other types of deposits; provided that this rate may be changed subject to the outcome of a review currently being conducted by the Department of Economic Research; and”
This Circular shall take effect immediately.
Adopted: 11 Sept. 1992
(SGD.) JOSE L. CUISIA, JR.
Governor
Governor