Gross international reserves rose to $85.18 billion in July

August 7, 2019

Preliminary data showed that gross international reserves (GIR) rose by $0.25 billion to $85.18 billion as of end-July from $84.93 billion as of end-June. 

This was announced by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno Wednesday.

The month-on-month increase in the GIR level was due mainly to inflows arising from the BSP’s foreign exchange operations and income from its investments abroad as well as the national government’s net foreign currency deposits.

However, the increase in reserves was tempered by payments made by the national government for servicing its foreign exchange obligations, the BSP said.

The end-July level of GIR serves as an ample external liquidity buffer and is equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income.

It is also equivalent to 5.2 times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity.

Net international reserves (NIR), which refers to the difference between the  GIR and total short-term liabilities, likewise increased by $0.25 billion to $85.18 billion as of end-July from the end-June level of $84.93 billion. DMS