THE country’s gross international reserves declined to $80.1 billion as of end-April 2018 from $80.5 billion a month ago, pulled down in part by the government’s payments of maturing foreign exchange obligations, Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said Monday.
It was the reserves’ lowest level since $79.54 billion in December 2014.
“The month-on-month marginal decline in the GIR level was due mainly to outflows arising from the payments made by the national government for its maturing foreign exchange obligations,” Espenilla said.
Other reasons for the decline were the foreign exchange operations of the Bangko Sentral as well as the revaluation adjustments on gold holdings due to the decrease in the price of the precious metal in the global market.
“At this level, the GIR serves as an ample external liquidity buffer and is equivalent to 7.8 times’ worth of imports of goods and payments of services and primary income.