Recently, the news about Sri Lanka's foreign exchange is about to dry up has become hot. As a Chinese crane manufacturer, Dongqi Crane also needs to pay attention to similar news. Dongqi Crane has cooperated with many crane projects in Sri Lanka.
With the introduction of foreign exchange controls in Sri Lanka, there will be many variables in the completion of the transaction. Dongqi Crane also cooperates with many crane projects in the Philippines. As an international trade practitioner, the foreign exchange reserves of the Philippines are reassuring.
According to the Philippine Daily Inquirer on April 9, preliminary data from the Philippine central bank showed that as of the end of March, the Philippines’ gross international reserves (GIR) stood at US$108.54 billion, equivalent to 9.6 months’ worth of commodities. Imports, service expenditures and primary income, which are about 7.2 times the Philippines' short-term external debt (calculated at the original maturity date), provide the Philippines with ample external buffers. Meanwhile, net foreign direct investment inflows increased by 54% to $10.5 billion. The Philippines' net international reserves (NIR), which is the difference between GIR and reserve liabilities, also increased again to $108.53 billion from $107.79 billion at the end of February.
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