BSP reserves dwindle to 7-year low
Times are changing.
Dollar reserves maintained by the Bangko Sentral ng Pilipinas (BSP) slipped to $75.2 billion in September, the lowest seen since July 2011. Import cover also dropped to 6.8 months, down from 7.1 months in August.
This came as the central bank used the money to defend the peso, which has fallen to a fresh 12-year low at P54 to $1 during the month. Lower gold prices in the global market also drove down the value of the reserves, the BSP said in a statement.