3 We have already seen a large negative contribution of net exports to U.S. GDP growth in the past two quarters. In addition, because some models estimate that exchange rates’ effect on net exports can last up to three years, it is possible that the drag from net exports will persist for some time.
Third, is the issuance of guidelines implementing the Net Stable Funding Ratio (NSFR) standard. Lastly, the BSP will issue intraday liquidity reporting guidelines to complement the qualitative intraday risk management guidelines under Circular No. 981.