THE country’s dollar reserves rose by $560 million from a month earlier to $86.39 billion at the end of November, giving the central bank enough buffer against liquidity shocks, the Bangko Sentral ng Pilipinas (BSP) said on Friday.
The month-on-month increase in gross international reserves reflects the inflows arising from BSP’s foreign exchange operations and income from its investments abroad, and the National Government’s net foreign currency deposits, it said in a statement.
“The end-November level provides an ample external liquidity buffer that is equivalent to 7.5 months’ worth of imports of goods and services and payments of primary income,” the central bank said.
It was also equivalent to 5.6 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.
Net international reserves, which refer to the difference between the central bank gross international reserves and total short-term liabilities, also increased by $560 million to $86.38 billion during the period, BSP said.