Connect with us

International

Slight slide in BSP dollar reserve in January linked to external debt payments

Avatar

Published

on


MANILA, Philippines The amount of dollars held in reserve by the central bank fell slightly in the first month of 2021 as the national government withdrew foreign currency to pay off its mature debts, said Bangko Sentral ng Pilipinas (BSP).

In a statement, the BSP said the level of the country’s gross international reserves, based on initial data, was set at $ 108.8 billion by the end of January 2021 from a historical value of $ 110.12 billion at the end of December 2020.

The figures, according to the BSP, reflect the national government’s outflows mainly from foreign currency withdrawals from its deposits with the BSP to pay off its foreign currency debt obligations.

He added that the decline was partly due to the revaluation of BSPs gold holdings as a result of a decline in gold prices in the international market.

These outflows were partially offset, however, by inflows from BSP foreign exchange operations and income from its investments abroad, the central bank said.

Despite the downturn, the BSP said the recent level of the dollar reserve represents a sufficient hedge of external liquidity, which could help mitigate the country’s economy to external shocks.

This level is equivalent to about 11.6 months of imports of goods and payment of services and primary income. Alsoshtë also about 9.4 times the short-term external debt of the country based on the original maturity and 5.1 times based on the remaining maturity.

Under the convention, dollar reserves are seen as appropriate if they can finance at least three months in imports of goods into the country and payment of services and primary income.

Residual maturity-based short-term debt refers to outstanding external debt with an initial maturity of one year or less, plus key public and private sector medium- and long-term loans that fall due over the next 12 months.

The level of GIR, as of a certain period, is considered appropriate, if it provides at least 100 percent coverage for the payment of foreign debts of the country, public and private, which fall within an immediate period of twelve months.

Net international reserves referring to the difference between gross BSP reserves and total short-term liabilities decreased by $ 1.33 billion to $ 108.79 billion at the end of January 2021 from the last level of December 2020 of $ 110.12 billion.

TSB

Read Next

Remember in the latest news and information.

Subscribe to ASK MORE to access The Philippine Daily Inquirer and over 70 other headlines, share up to 5 devices, listen to news, download as early as 4 a.m., and share articles on social media. Call 896 6000.

For feedback, complaints or questions, contact us.



What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]