Forex reserves hit record high at $86-B in January


Posted at Feb 07 2013 03:09 PM | Updated as of Feb 07 2013 11:09 PM

MANILA - The Philippine central bank on Thursday said gross international reserves (GIR) amounted to $85.761 billion at the end of January.

The increase in the reserves level was due mainly to the central bank's foreign exchange operations and income from investments abroad, and foreign currency deposits by the national government, the Bangko Sentral ng Pilipinas said in a statement.

The central bank expects the country's reserves to climb to $86 billion at the end of 2013.

The country gets an average of more than $1.7 billion in remittances from overseas Filipinos each month, helping to support the peso, balance of payments and foreign reserves.

The peso currency has risen 1 percent against the U.S. dollar this year after surging nearly 7 percent in 2012.