Wednesday, 7 October 2009

End-September 2009 GIR Hits US$42.0 Billion Mark

Bangko Sentral
Media Releases

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the country's gross international reserves (GIR) level rose to US$42.3 billion as of end-September 2009, higher by US$0.8 billion than the end-August 2009 level of US$41.5 billion, BSP Officer-In-Charge Nestor A. Espenilla, Jr. announced today.

The increase in the end-September 2009 GIR level was due mainly to the foreign currency deposits by the National Government (NG) of the loan proceeds and by the authorized agent banks (AABs), revaluation gains in the BSP's gold holdings arising from the higher price of gold in the international market in September 2009, and net foreign exchange operations by the BSP as well as income from its investments abroad. A special allocation of Special Drawing Rights (SDRs) was made available by the International Monetary Fund (IMF) to all member-countries in September 2009, further contributing to the rise in the country's reserves level. The IMF's move to increase SDR allocations is a liquidity-enhancing measure aimed at providing financial resources to all member countries and forms part of the cooperative monetary response to the global financial crisis. These receipts were, in turn, partly offset by outflows arising from the repayment of maturing foreign exchange obligations of the NG and the BSP.

The current GIR level could cover 7.8 months of imports of goods and payments of services and income. It was also equivalent to 7.6 times the country's short-term external debt based on original maturity and 3.6 times based on residual maturity.

The level of net international reserves (NIR), which includes revaluation of reserve assets and reserve-related liabilities, likewise increased to US$41.6 billion as of end-September 2009, up by US$0.9 billion from the previous month's level of US$40.7 billion. NIR refers to the difference between the BSP's GIR and total short-term liabilities.

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