Good for 11.7 MONTHS OF IMPORTS: July int’l reserves hit $79.3B

The country’s preliminary gross international reserves (GIR) rose to $79.3 billion as of end-July 2012, data from the Bangko Sentral ng Pilipinas showed.

This is higher by $3.2 billion than the end-June 2012 GIR of $76.1 billion. It has already breached BSP’s full-year forecast of between $77.5 and $78 billion.

BSP Governor Amando Tetangco said that the end-July 2012 GIR level could adequately cover 11.7 months worth of imports of goods and payments of services and income.

It is also equivalent to 10.7 times the country’s short-term external debt based on original maturity and 6.4 times based on residual maturity.

To read the full article, please click here.