International reserves climb past US$100bil level

  • Business
  • Wednesday, 23 Aug 2017

According to UBS, Bank Negara is likely to cut its overnight policy rate by 25 basis points in 2015, with lower oil prices cushioning the pressure on inflation.

PETALING JAYA: Bank Negara saw its international reserves climb past the important US$100bil level, rising to US$100.40bil as at Aug 15.

The reserves are at the highest since mid-July 2015.

In a statement, Bank Negara said the reserves were up US$1bil from US$99.40bil as at July 31.

In ringgit terms, the reserves at Aug 15 stood at RM431bil, up RM4bil from RM427bil at July 31.

“The reserves position is sufficient to finance 7.9 months of retained imports and is 1.1 times the short-term external debt,” the central bank said.

The main components of the international reserves are foreign currency reserves (US$93.9bil), International Monetary Fund reserves position (US$800mil), special drawing rights (US$1.2bil), gold (US$1.5bil) and other reserve assets (US$3bil).

The country’s international reserves have dropped in the last four years, declining to US$93.3bil in September 2015 from as high as US$141.4bil in May 2013. The reserves have been steadily improving since early this year.

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