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Manila Bulletin devider Business devider Banking & Finance devider GIR up at $104.51 billion in November

GIR up at $104.51 billion in November

Published Dec 15, 2020 04:03 pm

The central bank  reported  Tuesday   the country’s gross international reserves (GIR) continued its rise to $104.508 billion as of end-November from $103.802 billion in end-October, or up by $706 million.

Compared to same time in 2019, the GIR is significantly higher by $18.28 billion from $86.227 billion, based on BSP (BSP) data.

The BSP in a statement said the “latest GIR level represents an adequate external liquidity buffer, which can help cushion the domestic economy against external shocks.”

The current GIR is equivalent to 11.2 months of imports of goods and payments of services and primary income, and 9.3 times the country’s short-term external debt based on original maturity and 5.3 times based on residual maturity.

The BSP said the GIR rose month-on-month due to inflows from its foreign exchange operations and income from its investments abroad. “These inflows were partly offset, however, by the foreign currency withdrawals the National Government made to pay its foreign currency debt obligations and revaluation losses from the BSP’s gold holdings resulting from the decrease in the price of gold in the international market,” said the BSP.

As defined by the central bank, the GIR are foreign assets of the BSP invested in foreign-issued securities, monetary gold, and foreign exchange. 

As of end-November, the BSP’s foreign investments amounted to $89.063 billion from $73.295 billion same period in 2019, and $87.415 billion from end-October this year.

Gold reserves totalled $10.747 billion, up from $8 billion last year but it was lower than end-October 2020’s $11.650 billion. Gold holdings were significantly adjusted last July after the BSP reverted from a passive to an active strategy in the management of gold reserves. 

The BSP has recently revised its GIR projection higher to $105 billion for 2020 from a previous estimate of $100 billion, and $106 billion in 2021, also higher than previous estimate of $102 billion.

The new forecasts have factored in the National Government’s higher foreign borrowings for this year to finance COVID-19 programs, as well as changes in the revaluation of gold holdings.

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