GIR up to $83B in September-A A +A
Monday, October 7, 2013
THE Philippines' foreign currency reserves climbed to $83 billion in September, the central bank said Monday.
The latest gross international reserves (GIR) were higher by $0.1 billion than the end-August 2013 GIR of $82.9 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said.
"The increase in reserves was due mainly to inflows from foreign exchange operations and investments of the BSP, and net foreign currency deposits by the Treasurer of the Philippines (TOP)," he said.
The September reserves can adequately cover 11.9 months' worth of imports of goods and payments of services and income.
The GIR is also equivalent to 8.7 times the country's short-term external debt based on original maturity and 5.7 times based on residual maturity. (SDR/Sunnex)