Dollar reserves at $85.61B as of August

THE country’s gross international reserves (GIR) rose by $430 million to$85.61 billion as of end-August , the central bank said in a statement on Friday.

The month-on-month increase in reserves reflects the National Government’s net foreign currency deposits and the central bank’s income from investments abroad, Bangko Sentral ng Pilipinas said.

The increase was partly tempered by payments for foreign debt, it added.

The end-August GIR, which serves as a buffer for liquidity shocks, is equivalent to 7.5 months worth of imports and payments of services and primary income, BSP said.

It is also equivalent to 5.2 times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity.

Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, also increased by $430 million $85.6 billion during the period, it said.