End-November 2018 GIR level rises to $75.49b

December 7, 2018

Preliminary data showed gross international reserves (GIR) rose to $75.49 billion as of end-November 2018, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla, Jr. announced Friday.

This was higher than the $74.71 billion level recorded in October due mainly to inflows arising from the BSP's foreign exchange operations and its income from its investments abroad.

However, the increase in the GIR level was partially tempered by payments by the national government  for its foreign exchange obligations and its net foreign currency withdrawals as well as revaluation adjustments on the BSP's gold holdings resulting from decrease in world gold prices.

The end-November level of GIR continues to serv e as an ample external liquidity buffer and is equivalent to 6.9 months' worth of imports of goods and payments of services and primary income.

It is also equivalent to 5.8 times the country's short-term external debt based on original maturity and 4.1 times based on residual maturity.

Net international reserves, which refer to the difference between the BSP's gross international reserves and total short-term liabilities, increased by $0.78 billion to $75.47 billion as of end-November from the end-October level of $74.69 billion. DMS