The country’s foreign exchange reserves dipped for the second month in a row last May, but remained more than enough to cushion the impact of external shocks, documents from the central bank showed. The Bangko Sentral ng Pilipinas (BSP) on Friday said its gross international reserves (GIR) settled at $82.9 billion at the end [...]
The country’s foreign exchange reserves fell slightly in April from the previous month due to declining prices of gold in the world market.
The country’s foreign exchange reserves grew to $84.1 billion in March, driven partly by the central bank’s dollar purchases intended to help curb the peso’s appreciation.
The country’s foreign exchange reserves reached $83.82 billion by the end of February, lower than the previous month’s level but still considered to be comfortable, the Bangko Sentral ng Pilipinas (BSP) said Thursday.
The country’s nearly $86-billion foreign exchange reserves, which are projected to rise further due to robust inflow of remittances and portfolio investments, were deemed excessive, costly and beyond optimal.
The country’s foreign exchange reserves hit an all-time high of $84.25 billion at the close of 2012, buoyed by the central bank’s dollar purchases that were meant to temper what could have been a sharp appreciation of the peso.
The country’s foreign exchange reserves hit a new record high in October, fueled largely by the central bank’s dollar purchases to help temper the appreciation of the peso.
The country’s foreign exchange reserves increased further to a new all-time high of $81.88 billion at the end of September as the central bank kept buying additional dollars from the market to prevent what could have been a sharper rise of the peso.
The Bangko Sentral ng Pilipinas is set to raise its forecast on the country’s foreign exchange reserves, after the figure exceeded the $80-billion mark in August.
The government—which has to raise an equivalent of over P200 billion in US dollars for the remainder of this year and in 2013 to pay for maturing foreign obligations—may source part of its requirements from the Bangko Sentral ng Pilipinas, which is trying to cope with record-high foreign exchange reserves.
The country’s gross international reserves (GIR) surpassed the $80-billion mark in August, the highest ever recorded by the Philippines and a big boost to the confidence of the international financial community and foreign investors.
The Bangko Sentral ng Pilipinas, which is managing the country’s nearly $80 billion in foreign-exchange reserves, is offering to sell dollars to the national government.
