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End-January GIR at $14.4 Billion

02.12.2001

The country’s Gross International Reserves (GIR) as of end-January 2001 stood at $14.39 billion, 4.2 percent lower than the end-December 2000 level of $15.03 billion.  The end-January GIR level is adequate to cover 4.3 months of imports of goods and services.  

The decline in reserves during the first month of 2001 was attributed mainly to the servicing of the National Government’s (NG) foreign debt as well as the BSP’s own foreign exchange requirements.    

The BSP’s Net International Reserves (BSP-NIR), defined as the difference between the BSP’s total foreign assets and its short-term foreign liabilities (including use of fund credits), amounted to $10.74 billion as of end-January 2001.

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