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Philippine forex reserves hit lowest in nearly 2 yrs
November 7, 2017 / 7:53 AM / 11 days ago

Philippine forex reserves hit lowest in nearly 2 yrs

    MANILA, Nov 7 (Reuters) - The Philippine central bank on
Tuesday released the preliminary data on gross international
reserves (GIR) as of end-October.
 GIR          Oct     Sept     Aug      Jul     Jun      May
 (in bln $)  80.615  80.962   81.725  81.065   81.321  82.177
    NOTE: The September figure has been revised.
    - The central bank attributed the decline in reserves to
"outflows" arising from its foreign exchange operations and to
payments by the government of its obligations.
    - The end-October reserves can cover 8.4 months worth of
imports, the central bank said in a statement.
    - 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.
    - The central bank expects the country's current account
balance this year to be in $600 million deficit on expectations
of surging imports. 

 (Reporting by Enrico dela Cruz; Editing by Biju Dwarakanath)

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