The country’s dollar reserves rose slightly at the end of February as the central bank gained from its forex exchange trading operations and income from overseas investments amid a dip in the value of the government’s gold holdings.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said its gross international reserves, based on preliminary data, rose by $410 million to $109.08 billion as of end-February 2021 from the previous month’s level of $108.67 billion.
On top of the decline in the price of gold, one additional factor that helped offset the gains for the month were foreign currency withdrawals made by the national government to repay its maturing foreign loans.
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Keep on reading: Dollar reserves inched higher in Feb on BSP’s trading gains