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End-February 2003 GIR Remain Comfortable at $16.150 Billion

03.07.2003

The country’s gross international reserves (GIR) stood at $16.150 billion as of end-February 2003 compared to the end-January 2003 level of $16.426 billion. The current GIR level remains comfortable, enough to cover 4.8 months of imports of goods and payment of services and income.[1]  The GIR level is also equivalent to 2.8 times the country’s short-term debt based on original maturity or 1.4 times based on residual maturity. Short-term debt based on residual maturity refers to principal payments of public and private sectors falling due within the next twelve (12) months.

The slight decline in reserves during the period was due mainly to the debt service requirements of the national government and the BSP. The decrease was partly offset, however, by the deposits of the National Government of the proceeds of its seven-year Eurobond flotation and zero-coupon treasury bills.

The BSP’s net international reserves (BSP-NIR) as of end-February 2003 was slightly lower at $12.911 billion from $13.129 billion a month ago.

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[1] Computed based on estimated adjusted imports of goods.

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