(PH Business World) THE Philippines’ dollar reserves declined to a two-year low as of end-September, as the Bangko Sentral ng Pilipinas (BSP) said it has been “active” in the foreign exchange market to curb the peso’s depreciation against the US dollar.
The gross international reserves (GIR) stood at $95.01 billion as of end-September, falling by 2.4% from the $97.44 billion as of end-August, data from the central bank showed.
Dollar reserves are important so we can pay for goods and services bought from other countries.
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