November gross international reserves at $86.39 billion

December 6, 2019

Preliminary data shows that gross international reserves rose by $0.56 billion to $86.39 billion as of end-November from $85.83 billion as of end-October.  

The month-on-month increase in the GIR level reflects the inflows arising from the BSP’s foreign exchange operations and income from its investments abroad, and the National Government’s net foreign currency deposits.

The end-November level of the GIR provides an ample external liquidity buffer that is equivalent to 7.5 months’ worth of imports of goods and services and payments of primary income.

It is also equivalent to 5.6 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.

Net international reserves, which refers to the difference between the BSP’s GIR and total short-term liabilities, likewise increased by $0.56 billion to $86.38 billion as of end-November from the end-October level of $85.82 billion. DMS