PH reserves in dollars rise to an all-time high in November

MANILA – The Bangko Sentral ng Pilipinas said the country’s gross international reserves reached an all-time high in November.

The country’s GIR increased to $ 104.51 billion, an increase of $ 710 million from $ 103.80 billion in October.

The increase was due to the central bank’s strong foreign exchange operations and income from its investments abroad, he said.

However, this was partially offset by withdrawals made by the national government to pay off external debts and losses on the BSP’s gold holdings as prices fell in November.

The BSP said that the GIR for November “represents an adequate external liquidity buffer” that is equivalent to 11.2 months of imports of goods and payments for services and primary income.

This cushion “can help protect the national economy against external shocks,” he said.

BSP Governor Benjamin Diokno previously said that the central bank has been actively trading gold as prices rose in recent months.

He previously noted that gold accounts for more than 10 percent of the central bank’s dollar reserves.