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Forex reserves at 2-year low in November

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.

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