The country’s gross international reserves (GIR) as of end-August 2000 rose by 4.1 percent to $15.42 billion from the end-July level of $14.81 billion. The end-August GIR level of $15.42 billion was $314 million higher compared to the level at the end of 1999 of $15.11 billion and just $680 million short of the end-2000 target of $16.1 billion. The reserves, which were equivalent to 4.6 months of imports of goods and services, provide a comfortable cushion against possible adverse external shocks.
Reserves were boosted by the receipt of the $318 million proceeds from the Samurai Bond flotation of the National Government as well as the drawdown of $312 million from the IMF under the country’s stand-by arrangement.
Meanwhile, the BSP’s net international reserves (BSP-NIR), defined as the difference between BSP’s total foreign assets and its total foreign liabilities, rose to $11.85 billion as of end-August. This was higher by $325 million and $91 million than the end-July 2000 and end-1999 levels, respectively.