Philippine central bank to buy nearly 10 bln USD of government bonds

The central bank of the Philippines (BSP) is ready to increase the purchasing value of government bonds to 500 billion PHP (9.846 billion USD) in order to provide extra lifeline to the government amid the COVID-19 pandemic, said a banking official.

Tuesday, March 31, 2020 16:57

Philippine central bank to buy nearly 10 bln USD of government bonds ảnh 1

Philippine central bank to buy nearly 10 bln USD of government bonds( Photo: internet)

Manila (VNA)- The central bank of the Philippines (BSP) is ready to increase the purchasingvalue of government bonds to 500 billion PHP (9.846 billion USD) in order toprovide extra lifeline to the government amid the COVID-19 pandemic,said a banking official.

According to BSP Governor BenjaminDiokno, the central bank has been authorised to buy government bonds from the Bureau of Treasury with amaximum repayment period of six months.

The fund raised through this activity will beused to finance the government's programmes to counter negative impacts on the economy caused by theepidemic.

Diokno said that BSP will consider increasing the number of purchased governmentbonds in accordance with the government's needs in applying disease countermeasures.

From March 30, BSP has lowered the required reserve ratios for commercial banks and multi-purposebanks, helping "release" about 200 billion PHB to the monetary circulationsystem, and allow banks to approve moreloans to boost the economy./.

VNA

#BSP #Philippines #purchasing value #government bonds #lifeline #COVID-19 pandemic #repayment period #negative impacts #disease countermeasures #required reserve ratios #Vietnamlus #Vietnam News #Vietnam News Agency

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