PRELIMINARY data showed that the country's gross international reserves (GIR) level as of May slid marginally to $78.97 billion from the April GIR of $79.61 billion, Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. announced yesterday.
The marginal decline in the GIR level recorded in May was due mainly to outflows arising from the foreign exchange operations of the BSP, payments made by the national government (NG) for its maturing foreign exchange obligations, and revaluation adjustments on the BSP's gold holdings, resulting from the decrease in the price of gold in the international market. (PR)