Philippine end-Nov forex reserves drop on outflows but still above 2007 target |
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Fri, 07 Dec 2007 03:01
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MANILA (Thomson Financial) - The Philippines' gross international reserves (GIR) dropped to 32.46 billion US dollars at the end of November from 32.50 billion dollars a month earlier, the central bank said Friday.The central bank attributed the decline to outflows arising from its foreign exchange operations and payments of maturing debt, including obligations of the government.These outflows were partly offset by proceeds from the sale of the government's power assets, the central bank said.The end-November GIR, which are more than the central bank's year-end target of 30 billion dollars, could cover 5.8 months of imports of goods and payments of services and income. They are equivalent to 5.5 times the country's short-term external debt based on original maturity and 3.3 times based on residual maturity.enrico.delacruz@thomson.comed/jmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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