Clarification of reserve requirements
CIRCULAR LETTER Series of 2001
TO: All Banks
Pursuant to MB Resolution No. 1697 dated October 25, 2001, amending Sections X256 and 4246Q.2 of the Manual of Regulations for Banks and NBQBs, October 31, 2001 shall be treated as a non-reserve day. As such, the reserve position as calculated at the close of October 30, 2001, shall apply for the period October 31, 2001 to November 4, 2001. It is therefore, understood that if a reserve deficiency is incurred on October 30, 2001, this shall be carried over during the period October 31, 2001 to November 4, 2001.
For compliance.
RAFAEL B. BUENAVENTURA Governor
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