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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Philippine: Forex reserves to hit record high of $83bln by year-end — BSP

Posted on 05 December 2012

The Philippines’ foreign exchange reserves are set to reach a new high of $83 billion by the end of 2012, the central bank governor said Tuesday. “[The new gross international reserves forecasts are] $83 billion for this year and $86 billion for next year,” Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. told reporters at the sidelines of a forum on financial education held at the central bank’s headquarters in Manila.
The country’s GIR is currently already at a record high of $82 billion, 6.6 times the country’s total foreign currency-denominated debts and enough to cover nearly a year’s worth of the Philippines’ import requirements, the BSP earlier reported………………………………………Full Article: Source


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