We can now begin to ask fundamental, critical questions: What have the effects of these reforms been, whether intended or unintended, salutary or adverse? Have we successfully reduced or eliminated the problem? Has there been a tradeoff, in the form of new, unintended risks or costs?
The GIR level is equivalent to almost 10.2 months worth of imports of goods and payments of services and primary income. This far exceeds the three-month conventional reserve level considered as adequate. It is also about 8.4 times the country’s short-term external debt based on original maturity and 5.7 times based on residual maturity.