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Dollar reserves climb to $106.9 B in August
The Philippine Star
|September 09, 2024
The country's foreign exchange buffer increased slightly in August, rising to its highest level in more than two years, mainly due to income generated from the Bangko Sentral ng Pilipinas (BSP)'s investments abroad.
Preliminary data released by the central bank showed gross international reserves (GIR) inched up to $106.9 billion in August from $106.7 billion in July. It also rose by 7.4 percent from $99.57 billion a year ago.
The GIR level in August marked the highest in 29 months or since hitting $107.3 billion in March 2022.
"The month-on-month increase in the GIR level reflected mainly the net income from the BSP's investments abroad," the central bank said in a statement.
This story is from the September 09, 2024 edition of The Philippine Star.
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