THE country's gross international reserves (GIR) fell to a three-month low in November, partly due to the Bangko Sentral ng Pilipinas (BSP) intervening in the foreign exchange market to stabilize the peso.
THE country's gross international reserves fell to a three-month low in November, partly due to the Bangko Sentral ng Pilipinas intervening in the foreign exchange market to stabilize the peso.At $108.5 billion, GIR was lower than October's $111.1 billion. The decline, the BSP said, mainly the result of the national government's net foreign currency withdrawals, the central bank's net foreign exchange operations, and lower gold valuations from falling international prices.
The level is also considered sufficient 'if it provides at least 100-percent cover for the payment of the country's foreign liabilities, public and private, falling due within the immediate twelve-month period.'Net international reserves, which comprise the difference between GIR and reserve liabilities, dropped to $108.4 billion as of end-November from October's $111.0 billion.
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