Thailand
Philippines: Higher gold hoard, government deposits GIR hits record $85.5 B in July
Higher gold hoard, government deposits GIR hits record $85.5 B in July
Saturday, August 6, 2016 – The steady increase in the central bank’s gold holdings, as well as deposits by the national government, helped the country’s foreign exchange buffer hit a record level of $85.49 billion in July, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
BSP Governor Amando Tetangco Jr. said the country’s gross international reserves (GIR) last month exceeded the previous all-time high of $85.28 billion recorded last June by $207 million.
Tetangco attributed the increase to the central bank’s foreign exchange operations as well as the revaluation of its gold holdings due to the increase in the price of gold in the international market.
The BSP’s gold holdings inched up two percent to $8.5 billion in July from $8.34 billion in June, while gains from foreign exchange operations climbed to $2.03 billion from $2.02 billion. Read More?