outbrain
Close  

Highest in history: PH has $85.6B in dollar reserve

By: - Reporter / @daxinq
/ 04:53 PM September 06, 2019

Foreign currency inflow pushed the country’s dollar reserves higher in August — the highest level in the Philippines’ history — which bodes well for the strength of the peso and industries that buy raw and intermediate materials from abroad.

Preliminary data showed the country’s gross international reserves rose by $430 million to $85.61 billion as of end-August 2019 from $85.18 billion at the end of the previous month, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said on Friday.

ADVERTISEMENT

“The month-on-month increase in the [dollar reserve] level reflects the national government’s net foreign currency deposits and BSP’s income from its investments abroad,” he said in a statement.

“However, the increase in reserves was partially tempered by payments made by the national government for servicing its foreign exchange obligations,” the central bank chief added.

FEATURED STORIES

The end-August 2019 level of dollars held by the BSP serves as an external liquidity buffer and is equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income./tsb

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: BSP, currency, Dollars, imports, liquidity, reserve
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.