(Bloomberg) -- The Philippine central bank may absorb more than 50 billion pesos ($1 billion) in funds from government companies and investors by giving them greater access to its deposit accounts, Deputy Governor Diwa Guinigundo said.
Bangko Sentral ng Pilipinas will tomorrow expand access to the deposit accounts, currently available only to banks, to attract the extra funds, Guinigundo said in an interview. The central bank is seeking to drain funds from the financial system to restrain growth in money supply after its broadest measure, M3, expanded 24.6 percent in March from a year earlier, the fastest pace in more than two years.
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