New BSP reference rate to take effect this month

Jun 22, 2023 12:30 am

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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