• The country’s dollar reserves rose to a 23-month high in March due to higher government deposits with the central bank and higher gold prices in the international market, according to the Bangko Sentral ng Pilipinas (BSP).
• Based on preliminary data released by the BSP, the country’s foreign exchange buffer inched up by two percent to $104.03 billion in March from $101.99 billion in February. It was also 2.4 percent higher than the $101.55 billion in the same month last year.
• This was the highest gross international reserves level since the $105.4 billion recorded in April 2022. The March GIR level has also been above the $100-billion mark for the sixth straight month or since October 2023.

https://www.philstar.com/business/2024/04/08/2346002/forex-buffer-hits-2-year-high