Gross reserves hit 2-yr high at $83.46B in April

THE Philippines’ gross international reserves (GIR) rose to their highest level in more than two years at the end of April, providing a greater buffer for the country from sudden external volatilities, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

Data from the central bank indicated GIR rose 0.58 percent in April to $83.46 billion from $82.97 billion in March. This is the highest level of reserves since the $83.57 billion in November 2013.