Regulatory Alerts2015-05-21 | BSD/DIR/GEN/LAB/08/024Re: New Cash Reserve Requirement
The letter from the Director of Banking Supervision announces changes to the cash reserve requirement (CRR) regime for all banks, including a harmonized CRR rate of 31.0 percent on all deposits, a weekly maintenance period starting May 21, 2015, and clarification on how the CRR rate will be applied and maintained.
09- 462-36401 BSD/DIR/GEN/LAB/08/024 May 20, 2015 LETTER TO ALL BANKS
Re: New Cash Reserve Requirement
Further to our earlier letter referenced BSD/DIR/GEN/LAB/08/009 and dated February 11, 2015, all banks are invited to note the following changes to the cash reserve requirement (CRR) regime as decided at the 244th Monetary Policy Committee meeting held on May 18 & 19, 2015; 1. CRR rates on all banks' deposits are now harmonized at 31.0 per cent. 2. The maintenance period will be weekly, commencing on Thursday May 21, 2015.
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The CRR rate will be applied on the average adjusted deposits for the preceding maintenance period and not on the incremental deposits.
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The computed Cash Reserve would be maintained for the subsequent period.
Please be guided accordingly. 'TOKUNBO MARTINS (MRS.) DIRECTOR, BANKING SUPERVISION