The country’s gross international reserves (GIR) stood at US$16.531 billion as of end-March 2005 compared to US$16.530 billion last month. The current GIR level was adequate to cover about 3.7 months of imports of goods and payments of services and income. This level was also equivalent to 3.5 times the country’s short-term debt based on original maturity and 1.7 times based on residual maturity. Short-term debt based on residual maturity refers to outstanding short-term external debt on original maturity plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.
The steady end-March 2005 GIR level was attributed mainly to inflows from BSP’s foreign exchange operations and income from investments abroad, which helped mitigate the foreign exchange requirements for repayments of the NG and the BSP maturities.
The BSP’s net international reserves (BSP-NIR) as of end-March 2005, inclusive of revaluation of reserve assets and reserve-related liabilities, rose to US$15.406 billion from US$15.265 billion at end-February 2005.