Central Bank to pay $460M of its debts ahead of schedule
Quezon City (10 October) -- The Central Bank (BSP) is expecting some savings in interest expenses with a decision to pay some $460 million of its loans and floating-rate notes ahead of schedule.
The loans, originally due April 2007 and April 2009, will be pre-paid this month.
"The decision took into consideration the higher level of gross international reserves and the continuing foreign exchange inflows, which have improved the external liquidity position of the [central bank]," Governor Amando Tetangco Jr. of the central bank said in a written statement.
In April, the central bank repaid early a $500-million term loan.
The country's gross international reserves reached a new peak at $21.56 billion at the end of last month, up from $21.54 billion at the end of August. (PIA) [top]
