Read this in The Manila Times digital edition.
MONETARY authorities have approved the establishment of a new overnight (ON) reference rate in line with a bid to establish a "credible" yield curve, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said on Wednesday.
"The market agreed with the proposal of the BSP," Medalla said in a statement, adding that "this ON rate will be generated by translating the 28-day BSP bill rate to its ON equivalent."
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