GIR level nears US$64.0 Billion at end-February 2011

THE country’s gross international reserves  (GIR)  climbed  further  by US$0.4 billion  to  reach  US$63.9 billion  as  of  end-February 2011 from the  end-January 2011 level of US$63.5 billion, Bangko Sentral ng Pilipinas (BSP)  Officer-in-Charge Juan de Zuñiga, Jr. announced Monday.

Major inflows that contributed to the increase in the GIR level consisted of receipts from foreign exchange operations and income from investments abroad of the BSP, as well as revaluation gains on the BSP’s gold holdings arising from the sustained increase in gold prices in the international market.  These inflows were partially offset, however, by payments for maturing foreign exchange obligations of the NG.

The preliminary end-February 2011 GIR could cover 10.5 months worth of imports of  goods  and  payments of services and income.   It was also equivalent to 11.1 times the country’s short-term external debt based on original maturity and  6.1 times based on residual maturity.

Net international reserves (NIR), which include revaluation of reserve assets  and  reserve-related  liabilities,  also rose  by  US$0.4 billion to reach US$63.9 billion as of end-February 2011, compared to the end-January 2011 NIR of US$63.5 billion.  NIR refers to the difference between the BSP’s GIR and total short-term liabilities.

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