Philippines shares rose 3 . 8 percent, buoyed by the central bank's announcement late Thursday that it plans to cut banks'statutory reserve requirement soon.
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The central bank is expected to raise statutory reserve requirements for banks to curb credit and monetary growth, which would lead to higher interest rates.
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Traders said the impending cut in the statutory reserve requirement of banks to 8 % from 10 % on Friday could further pull down rates.
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Ms . Walter of Merrill Lynch said, " Oxford might have to raise additional capital to meet statutory reserve requirements, " further diluting existing shares.
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All banks will have to deposit part of its deposits with Central Bank, and this requirement is called the Statutory Reserve Ratio or SRR for short.
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THE Association of Finance Companies of Malaysia welcomed the cut in the country's statutory reserve requirements as a move towards increasing the efficiency of the financial system.
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The statutory reserve requirement is the portion of a bank's total deposits placed with the central bank in the form of cash or low yielding government securities.
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BSP Gov . Gabriel Singson and BAP President Deogracias Vistan said these would involve slashing the statutory reserve requirement and increasing the interest-bearing portion of these reserves.
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Philippine shares closed with significant gains Friday, largely on the central bank's announcement the day before that it plans to cut banks'statutory reserve requirement soon, traders said.
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Malaysia's central bank Friday said it is cutting its statutory reserve requirement for commercial banks, a move described by analysts as a step toward a softer monetary policy.
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