Forex reserves at 2-year low in November

Reuters

Posted at Dec 07 2017 04:11 PM

MANILA - The country's gross international reserves in November were at the lowest level in 2 years, according to data from the Bangko Sentral ng Pilipinas released on Thursday.

The $80.313 billion GIR last month was the lowest since the $80.17 billion that was posted in November 2015, the BSP said.

The decline was due to "outflows" arising from payments by the government of its obligations, the BSP said.

The end-November reserves can cover 8.4 months worth of imports, it said.

The central bank said in June reserves were expected to be at $80.5 billion by the end of the year, below its earlier estimate of $84.7 billion.

It expects the country's current account balance this year to be in $600 million deficit on expectations of surging imports.