THE country's gross international reserves (GIR) edged down last month, the Bangko Sentral ng Pilipinas (BSP) reported late on Thursday.
THE country's gross international reserves edged down last month, the Bangko Sentral ng Pilipinas reported late on Thursday.At $112.43 billion, the October count eased from September's $112.71 billion and was said to be mainly due to government foreign currency withdrawals that were used to pay off debt and cover expenses.The current level remains a more than sufficient external liquidity buffer, the BSP said, enough for 8.
The GIR level is considered adequate if 'it can finance at least three months' worth of the country's imports of goods and payments of services and primary income,' the central bank said.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.
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