RP reserves hit $7.26b

RP reserves hit $7.26b

MANILA (AFP): The Philippines' gross international reserves hit US$7.26 billion as of June 14, the Central Bank said in a statement issued yesterday.

This figure represents a new high for the year and is a 3.8- percent improvement over the $6.995 billion in gross international reserves recorded at the end of 1994.

The Central Bank attributed this to their "active participation" in the foreign exchange market which has been experiencing large foreign exchange inflows. It also credited foreign exchange proceeds from various privatization projects.

However it did not specify how much came from the foreign exchange market and how much from privatization.