THE country's gross international reserves (GIR) fell last month to $106.2 billion, from $107.4 billion as of end-February, due to foreign exchange transactions by the Bangko Sentral ng Pilipinas (BSP) and as the government paid off debt.
"The month-on-month decrease in the GIR level reflected mainly the drawdowns by the national government (NG) on its foreign currency deposits with the Bangko Sentral ng Pilipinas to meet its external debt obligations and BSP's net foreign exchange operations," the BSP said late on Monday.
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