Philippine central bank shifts to variable rate repo auction
BSP says move will improve policy transmission but does not change its policy stance
The Philippine central bank has changed how it operates its overnight reverse repurchase (RRP) facility, its key monetary policy tool.
It said on September 4 that it would shift its RRP auctions to a variable rate format with a predetermined offer size starting today (September 8). Previously, the Bangko Sentral ng Pilipinas used a fixed rate format.
In an RRP operation, the BSP sells government securities to banks and selected non-banks with a commitment to buy them back on a specified future
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