The country’s gross international reserves (GIR) as of end-October 2001 amounted to $14.411 billion. At this level, reserves remained adequate to cover 4.3 months worth of imports of goods and payment of services and income. The level of reserves was also more than twice the amount of the country’s short-term foreign liabilities based on original maturity, and could cover 125 percent of short-term obligations based on residual maturity.
The decline in reserves from the previous month’s level of $14.549 billion was attributed mainly to the servicing of foreign exchange requirements of the national government and the BSP.
The BSP’s net international reserves (BSP-NIR) amounted to $10.098 billion as of end-October 2001 compared to $10.318 billion a month ago.