MANILA, April 7 (Xinhua) -- The Philippines' gross international reserves (GIR) settled at 106.2 billion U.S. dollars at the end of March from 107.4 billion dollars at the end of February, the Philippine central bank said Monday.

The Bangko Sentral ng Pilipinas (BSP) said in a press release that the March GIR level provides a robust external liquidity buffer, equivalent to 7.3 months' worth of imports of goods and payments of services and primary income.

The central bank added the March GIR level is about 3.7 times the country's short-term external debt based on residual maturity.

"The month-on-month decrease in the GIR level reflected mainly the drawdowns by the national government on its foreign currency deposits with the BSP to meet its external debt obligations and the BSP's net foreign exchange operations," the central bank said. Enditem

Related

Go to Forum >>0 Comment(s)