The country’s overall balance of payments (BOP) position posted a deficit of US$216 million in November 2023, lower than the US$756 million BOP deficit recorded in the same month last year. The BOP deficit in November 2023 reflected outflows arising mainly from the National Government’s (NG) payments of its foreign currency debt obligations. [1]The gross international reserves (GIR) level increased to US$102.7 billion as of end-November 2023 from US$101.0 billion as of end-October 2023. [3]Moreover, it is also about 6.0 times the country’s short-term external debt based on original maturity and 3.7 times based on residual maturity. [2] The GIR level increased month-on-month, notwithstanding the BOP deficit in November 2023, due mainly to the upward revaluation adjustments in BSP gold holdings and foreign currency denominated assets.

Source: The Guardian December 21, 2023 05:05 UTC