Regulatory Alerts2024-03-18
Single Reserve Week from 22 March 2024 to 04 April 2024 and the Corresponding Computation
The Office of the Deputy Governor issued Memorandum No. M-2024-008 to instruct all banks and quasi-banking institutions on reserve requirement computations for the specified period. The directive consolidates the reserve weeks of 22 March to 28 March and 29 March to 04 April 2024 into a single reserve week due to Maundy Thursday and Good Friday being proclaimed as regular holidays. Consequently, the reserve position computed on 27 March 2024 is carried over through 31 March 2024, and the combined period is used to determine any abuse of the privilege to offset reserve deficiencies against excess reserves.
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