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End-November Gross International Reserves Remain High at $15.740 Billion

12.05.2002

The country’s gross international reserves (GIR) stood at $15.740 billion as of end-November 2002. At this level, the GIR was equivalent to 5.0 months of imports of goods and payment of services and income. Alternatively, the end-October GIR could cover 265 percent of the country’s short-term debt based on original maturity, or 133 percent of short-term debt based on residual maturity.

The end-November GIR was slightly lower than the end-October 2002 level of $15.944 billion. The modest decline in the GIR during the period was due mainly to debt service requirements of the National Government and the BSP. These outflows were, however, partly offset by the deposit by the National Government of the proceeds of its ten-year global bond flotation to prefund the Government’s 2003 requirements, and other loan drawdowns, i.e., the ADB Power Sector Reform Loan and the JBIC Co-financing Power Sector Reform Loan.

The BSP’s net international reserves (BSP-NIR) as of end-November 2002 increased to $12.375 billion from $12.269 billion a month ago.

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