Feb. GIR level settles at $80.6 billion

PRELIMINARY data showed that the country’s gross international reserves (GIR) stood at $80.6 billion as of February, Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. announced Wednesday.

This was lower than the $81.2 billion level recorded in January due to outflows arising from the foreign exchange operations of the BSP, payments made by the national government (NG) for its maturing foreign exchange obligations, as well as revaluation adjustments on the BSP’s gold holdings resulting from the decrease in the price of gold in the international market.

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