Dollar reserves slip for fourth straight month
The Philippines' stock of foreign currency might reach new record levels in the coming months even as it decreased for the fourth month in a row to settle at $103.53 billion at the end of May. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said in a commentary the latest level of gross international reserves (GIR)---which peaked at $110.12 billion in December 2020---was the lowest in 20 months or since September 2020. According to the Bangko Sentral ng Pilipinas (BSP), the latest month-on-month decrease in the GIR level reflected mainly the national government's foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obl...Keep on reading: Dollar reserves slip for fourth straight month
Boracay News Syndicated Daily
The Philippines' stock of foreign currency might reach new record levels in the coming months even as it decreased for the fourth month in a row to settle at $103.53 billion at the end of May.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said in a commentary the latest level of gross international reserves (GIR)---which peaked at $110.12 billion in December 2020---was the lowest in 20 months or since September 2020.
According to the Bangko Sentral ng Pilipinas (BSP), the latest month-on-month decrease in the GIR level reflected mainly the national government's foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obl...Keep on reading: Dollar reserves slip for fourth straight month
