BSP CIRCULAR LETTER, October 30, 1997

[ BSP CIRCULAR LETTER, October 30, 1997 ]

FOREIGN CURRENCY COVER FOR FOREIGN CURRENCY LIABILITIES IN THE FOREIGN CURRENCY DEPOSIT UNITS (FCDU) OF COMMERCIAL BANKS

The Monetary Board, in its Resolution No. 1410 dated October 22, 1997 decided as follows:

The unencumbered foreign currency cover for foreign currency liabilities in the foreign currency deposit units (FCDU) of commercial banks shall be as follows:

Minimum of 15% effective December 15, 1997; and

Minimum of 30% effective June 15, 1998.

This Circular Letter supersedes Circular Letter dated July 25, 1997.

Adopted: 30 Oct. 1997

(SGD.) GABRIEL C. SINGSON Governor