06 Aug '11, 7am

Philippines forex reserves passed US$70-billion level in July: Manila (Philippine Daily Inquirer/ANN) - The coun...

Manila (Philippine Daily Inquirer/ANN) - The country's foreign exchange reserves hit a record high of US$71 billion in July, rising from US$49 billion in the same period last year, according to the Bangko Sentral ng Pilipinas. "The appreciable buildup in the reserves level was due mainly to the foreign exchange operations and income from investments abroad of the BSP," the central bank said in a statement. Because of the increase in the inflow of dollars to the country due to remittances and foreign portfolio investments, the BSP was prompted to buy dollars in a bid to slow down the appreciation of the peso. The strengthening of the peso against the US dollar has been cited as a cause for concern among the country's exporters as a strong peso makes their products less competitive in the global marketplace. Central bank officials added that volatility in the currency is bad...

Full article: http://sg.news.yahoo.com/philippines-forex-reserves-passe...

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