By Katherine K. Chan, Reporter
THE PHILIPPINES’ dollar reserves shrank to their lowest level in almost four years at end-October as the peso’s depreciation continued to weigh on the central bank’s foreign exchange (FX) operations.
As of end-October, the country’s gross international reserves (GIR) stood at $97.35 billion, declining 11.7% from $110.249 billion a year ago, preliminary Bangko Sentral ng Pilipinas (BSP) data showed.
This was the lowest GIR level in nearly four years or since the $96.149 billion recorded as of end-December 2022.
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