Dollar reserves near $100B as of end-January - BusinessWorld Online

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GROSS INTERNATIONAL RESERVES (GIR) rose to a six-month high as of end-January, as foreign currency deposits with the central bank included the proceeds from the Philippine government’s global bond issuance. READ:

UNITED STATES dollar bills are seen on a light table at the Bureau of Engraving and Printing in Washington, DC in this file photo taken on Nov. 14, 2014. — REUTERS

Foreign currency deposits more than doubled to $2.11 billion as of end-January, from $942.8 million in the previous month and from the $831.7-million level a year ago. As of end-January, the level of dollar reserves is enough to cover about six times the country’s short-term external debt based on original maturity and four times based on residual maturity.

“The BSP continues to rebuild its GIR, now close to $100 billion. Although most of the increase was due to the ROP issuance and valuation, the BSP may have also been able to rebuild its buffer stock via foreign exchange operations,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

Net international reserves are the difference between the BSP’s reserve assets and reserve liabilities such as short-term foreign debt, and credit and loans from the International Monetary Fund . Reserves in the form of gold were valued at $9.80 billion as of end-January, up by 5.6% from the $9.28 billion as of end-December 2022 and up by 6.8% from the $9.18-billion level a year earlier.

 

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