Philippines Dollar Reserves Hit 18-Month Low on Forex Operations, Gov't Withdrawals
The Philippines' gross international reserves (GIR) fell to $103.38 billion by the end of July, the lowest in 18 months, primarily due to foreign exchange operations by the Bangko Sentral ng Pilipinas (BSP) and government withdrawals. While higher gold valuations provided some cushion, the central bank maintains the reserves remain adequate.
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