The country’s Gross International Reserves (GIR) as of end-February 2001 reached $14.18 billion, slightly lower than the end-January 2001 level of $14.39 billion. At this level, reserves are sufficient to cover 4.2 months of imports of goods and services.
During the review period, reserves were utilized primarily to service both the National Government’s and the BSP’s maturing foreign obligations.
These developments brought the BSP’s Net International Reserves (BSP-NIR) to $10.27 billion as of end-February 2001.
The GIR and consequently the NIR are expected to improve by mid-March with the finalization of the $740 million 3-year loan facility with 19 local and foreign banks. The loan facility is the first sovereign deal of the BSP this year and the first ever after the change in government in January 2001.