Philippine cbank chief: Reserve ratio should be single digit before 2023

MANILA, April 29 (Reuters) - Philippine central bank governor Benjamin Diokno said on Monday that the country's reserve requirement ratio (RRR) for banks, currently at 18 percent, should be reduced to a single digit before his term ends in 2023.

"It is clear we need to reduce RRR to be more competitive", Diokno told a business forum.

The level of required reserves for banks was cut twice last year in line with a medium-term plan to bring the ratio to a single-digit and help bolster the economic growth rate, which is slowing.

The central bank next reviews policy on May 9. (Reporting by Neil Jerome Morales; Editing by Richard Borsuk)

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