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The gross international reserves (GIR) level last month was lower than January’s $81.376 billion, although still higher than end-2016’s $80.692 billion.
For 2017, the BSP had projected dollar reserves to rise to $84.7 billion, equivalent to 8.8 months of imports.
The country’s dollar reserves declined month-on-month to $81.132 billion in February amid a weaker peso, Bangko Sentral ng Pilipinas data released Tuesday showed.
The dollar reserves were equivalent to 5.9 times the short-term external debt based on original maturity, as well as 4.3 times based on residual maturity.
Net international reserves, or the difference between the GIR and total short-term liabilities, also decreased to $81.13 billion in February from $81.37 billion a month ago.
As it stated in
Forex reserves rise to pass US$3t
Home » Business » FinanceCHINA’S foreign exchange reserves rose in February for the first time in eight months to pass the US$3 trillion mark as policy-makers were comfortable with the yuan’s exchange rate and the country’s economy continued to recover.
The increase in the reserves was also in line with authorities’ hopes for a balanced cross-border money flow as China’s economic growth gained momentum.
The State Administration of Foreign Exchange said in a statement last month that the fall in reserves had been slowing in the past few months, signaling easing outflow pressure amid China’s economic recovery.
The central parity rate of the yuan to the US dollar weakened by 0.24 percent in February to 6.875.
The increase defied market forecast of a fall to US$2.969 trillion, according to a Bloomberg News survey.
As it stated in
Forex reserves slightly drop to $81.13 B
Last month’s GIR level was also $745.4 million lower than the $81.88 billion recorded in February last year.
If it deems necessary, the BSP buys dollars from the foreign exchange market to prevent sharp depreciation of the peso.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1The GIR is the sum of all foreign exchange flowing into the country.
“The month-on-month decline was due mainly to outflows arising from the BSP’s foreign exchange operations and payments made by the national government for its maturing foreign exchange obligations,” Tetangco said.
Data showed the value of the BSP’s foreign investments slipped to $67.86 billion in February from $68.36 billion in January.
collected by :kiven Dixter