End-April 2024 GIR level settles at US$103.4 billion

The country's gross international reserves (GIR) level, based on preliminary data, settled at US$103.4 billion as of end-April 2024 from the end-March 2024 level of US$104.1 billion.

The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.7 months' worth of imports of goods and payments of services and primary income. Moreover, it is also about 5.9 times the country's short-term external debt based on original maturity and 3.6 times based on residual maturity.

The month-on-month decrease in the GIR level reflected mainly the National Government's (NG) net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures.

Similarly, the net international reserves, which refers to the difference between the BSP's reserve assets (GIR) and reserve liabilities (short-term foreign debt and credit and loans from the International Monetary Fund (IMF)), decreased by US$0.6 billion to US$103.4 billion as of end-April 2024 from the end-March 2024 level of US$104.0 billion. (PR)