Philippines' GIR stands at 48.6 bln dollars in July

15:52, August 06, 2010      

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The Philippines' foreign exchange reserves slightly dipped in July as a result of the decline in the prices of gold.

Gross international reserves (GIR), which serves as a buffer to external shocks, last month reached 48.6 billion dollars or 0.1 billion dollars lower month-on-month, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr., said on Friday.

"The lower level of reserves at end-July arose mainly from revaluatino losses on the BSP's gold holdings on account of the decline in the price of gold in the international market, payments by the national government for its maturing foreign exchange obligations and foreign currency withdrawals by authorized agent banks," BSP said.

The outflows however were offset by receipts from the foreign exchange operations of BSP and income from its investments abroad as well as the national government's currency deposits with the BSP.

The country's current reserve position is enough to cover nine months of imports of goods and payments of services and income and is equivalent to 9.3 times the country's short-term external debt based on original maturity and 5.1 times based on residual maturity, the central bank said.

GIR consists of foreign assets controlled by or available to the central bank to finance payments. It consists of gold holdings, foreign exchange, foreign investments, Special Drawing Rights, and Reserve Position in the Fund.

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