New York-based GoldmanSachs said in a commentary that it expects the US dollar to strengthen further over the next three months. VotePH OurVoteOurFuture READ:
“We are bearish on the PHP as re-opening of the economy should lead to a widening of the current account deficit,” GoldmanSachs said.
Last week, the Bangko Sentral ng Pilipinas said its gross international reserves decreased slightly to $106.8 billion as of the end of April from $107.3 billion a month earlier. However, the BSP said its reserve assets—comprising foreign investments, gold, foreign exchange, reserve position in the International Monetary Fund, and special drawing rights—continued to represent a more than adequate external liquidity buffer.
The latest GIR level is equivalent to 9.4 months’ worth of imports of goods and payments of services and primary income. Such reserves are considered adequate if they can cover at least three-months’ worth. In the first quarter of 2022, the net outflow of short-term investments that are registered with the BSP narrowed significantly to $16 million from the $467 million net outflow recorded in the same period of 2021.
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