BSP books P6.1B forex gain
Money

BSP books P6.1B forex gain

By Eileen Mencias

The Bangko Sentral ng Pilipinas chalked up a P6.11-billion gain from fluctuations in the foreign exchange market which boosted the value of its dollar-denominated assets in the first quarter.

This was more than six times the P930-million forex gain it reported a year ago.

According to its unaudited financial statements, BSP posted a net income of P23.56 billion in the first three months, lower than the P25.4 billion recorded in the same period last year.

Revenues likewise declined to P41.62 billion from P47.96 billion as miscellaneous income halved to P10.42 billion from P23.94 billion.

The BSP, however, reported a higher interest income at P31.2 billion compared to P24.02 billion a year ago.

The BSP, however, does not publish its foreign exchange intervention data which the International Monetary Fund said would enhance the transparency of its inflation targeting regime and its foreign exchange policy.

It aggressively built up its international reserves in 2020 but recent data showed a decline by almost $2 billion, largely due to the widening trade deficit.

 

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