Foreign exchange reserves hit record high of $41.3 billion

MANILA, Philippines – The country’s gross international reserves (GIR) soared to a new record high of $41.3 billion as of end-August, boosted by hefty dollar inflows from the central bank’s foreign exchange operations and international reserve assets from the International Monetary Fund (IMF).

The end-August level is $1.1 billion more than the end-July reserves of $40.2 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said yesterday.

“The large increase in the preliminary end-August 2009 GIR level was due mainly to the general allocation of Special Drawing Rights (SDR) which was made available by the IMF to its members, including the Philippines, to boost their reserves and provide liquidity to the global economic system,” Tetangco said.

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