The Board of Governors of the Federal Reserve System (FED) has published in the Federal Register modifications to Regulation D – Reserve Requirements of Depository Institutions – with immediate effect to adjust the rate of interest on reserve balances (IROB) to 5.40 percent. The new rate represents a 0.25 percentage point increase from the prior level and is applicable to both required and excess reserve balances following the elimination of the two separate rates.
The increase is a direct consequence of continuing inflationary pressures in the country and is in line with the monetary policy of the FED.
Other Features
banks
interest rate
own funds
Date Published: 2023-08-02
Date Taking Effect: 2023-08-02
Regulatory Framework: Federal Reserve Act
Regulatory Type: regulation
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