PH dollar reserves hit 6-month low

The Philippines' gross international reserves (GIR) or its stock of United States (US) dollars and other foreign currencies, dropped to $105.3 billion at end-July, from $106 billion in June, according to data from the Bangko Sentral ng Pilipinas (BSP).

- BY DERCO ROSAL

The central bank attributed the slight decrease to lower global gold prices and the national government withdrawing foreign currency deposits from the BSP to pay foreign debts. On a year-on-year basis, the dollar reserves fell by one percent.

GIR includes the BSP's reserve assets, such as foreign investments, gold, foreign currency, its reserve position in the International Monetary Fund (IMF), and special drawing rights (SDR).