HOME  ABOUT THE BANK  MONETARY POLICY  BANKING SUPERVISION  PAYMENTS & SETTLEMENTS  STATISTICS  FEEDBACK CORNER
   BSP NOTES & COINS  MONETARY OPERATIONS  LOANS-CREDIT & ASSET MGT  PUBLICATIONS & RESEARCH  REGULATIONS  PROCUREMENT

Feedback Corner

Publications and Research

Media Releases

GIR Ends at US$16.052 Billion in 2004

01.07.2005

The country’s gross international reserves (GIR) climbed to US$16.052 billion as of end-December 2004, higher by 1.1 percent compared to US$15.872 billion a month earlier.  The year-end GIR level far exceeded the $14-$15 billion target level for end-2004 and was adequate to cover about 4.1 months of imports of goods and payments of services and income.  Alternatively, this level was equivalent to 2.9 times the country’s short-term debt based on original maturity and 1.5 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 increase in reserves in December was attributed mainly to: (1) the deposit by the National Government (NG) with the BSP of the proceeds of its program and project loans ($156 million); and (2) the investment income from BSP’s placements abroad ($21 million).  These inflows were, however, partly offset by the debt service requirements of the NG and the BSP.

 The BSP’s net international reserves (BSP-NIR) as of end-December 2004, inclusive of revaluation of reserve assets and reserve-related liabilities, increased to $14.381 billion from the November level of $14.207 billion.

View Table

RSS Subscribe for updates

Archives