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End-May Reserves at $14.4 Billion

06.11.2001

The country’s gross international reserves (GIR) as of end-May 2001 totaled $14.431 billion, $11 million or 0.08 percent lower than the level posted a month ago.  Reserves remained at a comfortable level, equivalent to 4.3 months of imports of goods, services and income and able to cover more than twice the amount of the country’s short-term foreign liabilities. 

During the first five months of 2001, reserves were used primarily for servicing the foreign debt of both the national government and the BSP.

Despite these developments, the BSP’s net international reserves (BSP-NIR) slightly increased to $10.593 billion as of end-May 2001 from $10.578 billion recorded as of end-April 2001.

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