PH dollar reserves soar to 3-year high to $85.6B
The country’s dollar reserves surged to a record $85.6 billion in August, largely due to inflows from the central bank’s foreign exchange operations and income from its investments abroad.
“The month-on-month increase in the GIR (gross international reserves) level reflects the national government’s net foreign currency deposits and BSP’s income from its investments abroad,” said Bangko Sentral ng Pilipinas Governor Benjamin Diokno.
Last month’s GIR was equivalent to a 7.5 months worth of imports and payment services and 5.2 times the country’s short-term external debt.
The increase in dollar reserves was partly tempered by payments for foreign debt, the BSP said.