The Philippines’ gross international reserves (GIR) dropped to $108.5 billion as of end-November 2024 from the end-October level of $111.1 billion, the
The Philippines’ gross international reserves dropped to $108.5 billion as of end-November 2024 from the end-October level of $111.1 billion, the Bangko Sentral ng Pilipinas said over the weekend.- Advertisement -
The BSP said the month-on-month decrease in the GIR level reflected mainly the national government’s net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures, BSP’s net foreign exchange operations and downward valuation adjustments in the BSP’s gold holdings due to the decrease in the price of gold in the international market.
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