GIR grows to $81.5B in December 2017

 

By Rose de la Cruz

 

The country’s gross international reserves as of end December 2017 grew to $81.5 billion or an equivalent of 8.3 months’ worth of imports of goods and payments for services and primary income.

 

Governor Nestor Espenilla of the Bangko Sentral ng Pilipinas said the end December GIR is even more than the $80.3 billion recorded in the previous month and was due mainly to inflows from the BSP’s foreign exchange operations, net foreign currency deposits by the national government, the revaluation adjustments of BSP’s gold holdings resulting from the increased prices of gold in the international market and income from the BSP’s investments abroad.

 

These were partially offset by payments made by the national government and the BSP for their maturing foreign exchange obliations.

 

The GIR is also equivalent to 5.8 times the country's short-term external debt based on original maturity and 4.2 times based on residual maturity.

 

 

Net international reserves (NIR), which refer to the difference between the BSP's GIR and total short-term liabilities, increased by $1.1 billion to $81.4 billion as of end-December 201.7, compared to the end-November 201.7 NIR of $80.3 billion.

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