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Manila Bulletin devider Business devider Banking & Finance devider BSP's FX reserves decline in August

BSP's FX reserves decline in August

Published Sep 7, 2023 08:35 am

The country’s foreign exchange (FX/forex) reserves in US dollars are still below $100 billion at $99.805 billion as of end-August, lower than end-July’s $99.951 billion.

Based on Bangko Sentral ng Pilipinas (BSP) data released Thursday, Sept. 7, the gross international reserves (GIR) fell below $100 billion in June. The highest level is $101.76 billion in April.

The latest GIR is higher compared to same period in 2022 of $97.441 billion.

At this level, the BSP said the GIR is still considered “more than adequate external liquidity buffer”.

As of end-August, the GIR is equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income. It is also about 5.9 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.

“The month-on-month decrease in the GIR level reflected mainly the National Government’s (NG) payments of its foreign currency debt obligations and the downward adjustments in the value of (BSP) gold holdings due to the decrease in the price of gold in the international market,” according to the BSP.

A GIR is adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income. It is also viewed as more than sufficient if it provides at least 100 percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate twelve-month period, said the BSP.

The BSP’s reserve assets are composed of gold, foreign investments, foreign exchange, reserve position in the International Monetary Fund (IMF), and special drawing rights or SDRs in the IMF.

As of end-August, the BSP’s gold reserves amounted to $10.231 billion from $10.302 billion in the previous month.

BSP’s foreign investments mainly in securities and bonds totaled $84.33 billion versus $83.682 billion end-July.

The amount of foreign exchange held by BSP stood at $648.7 million during the period, lower than the previous month’s $1.367 billion.

The BSP’s reserve position in the IMF totaled $790 million while SDR holdings was at $3.805 billion.

Last year, the GIR totaled $96.149 billion, lower than $108.794 billion at the end of 2021. The end-2021 GIR is the highest GIR level on record, so far.

 

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