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October 02, 2023

BSP launches new reference rate and enhances liquidity management measures

The Bangko Sentral ng Pilipinas (BSP) has introduced a new overnight (ON) reference rate, derived from the secondary market rate of the 28-day BSP Bill.

This is part of the central bank’s ongoing efforts to enhance liquidity management through the ON Reverse Repurchase (RRP) Agreement facility.

The BSP aims to transition the reference rate to one derived from the RRP facility, allowing for a more responsive and flexible approach to managing market conditions.

The central bank also announced changes to the auction window and acceptance of all bids during overnight RRP facility auctions, signaling a shift towards a variable-rate auction.

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