Bank Negara’s foreign reserves up 0.7% to US$98b as at May 31, 2017

This article first appeared in The Edge Financial Daily, on June 8, 2017.
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PUTRAJAYA: The international reserves of Bank Negara Malaysia rose 0.7% to US$98 billion (RM433.3 billion) as at May 31, 2017, from US$97.3 billion as at May 15, 2017.

In a statement yesterday, the central bank said the reserves position is sufficient to finance 8.1 months of retained imports and is 1.1 times the short-term external debt.

Of the reserves, foreign currency made up the biggest portion at US$91.6 billion.

The rest comprised International Monetary Fund reserves at US$800 million, special drawing rights (US$1.1 billion), gold (US$1.6 billion) and other reserve assets (US$2.9 billion).

As at May 31, 2017, total assets were RM460.54 billion, while currency in circulation rose 1.4% to RM100.47 billion from RM99.06 billion as at May 15, 2017, said the central bank.