Preliminary data shows that the country’s gross international reserves (GIR) rose to $ billion as of end-August 2019. At this level, the GIR can cover up to 7.5 months’ worth of imports of goods and payments of services and primary income. The country’s external debt remained manageable.
2  BIS Review 32/2006  In addition, measurement issues aside, the empirical evidence of the past half-century suggests that the relationship between utilization and inflation can shift over time. Unfortunately, we typically are only imperfectly aware of the changes and their magnitudes in real time.