THE country’s gross international reserves declined in the end of June to a three-month low of $81.41 billion, down $0.77 billion from $82.18 billion from the end ofg May 2017, due mainly to the government’s payments of maturing foreign exchange obligations, Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said Friday.
Espenilla said the month-on-month decline was triggered by outflows arising from the foreign exchange operations, and revaluation adjustments on central bank’s gold holdings resulting from the decrease in the price of gold in the international market.
“These were partly offset by net foreign currency deposits by the national government and income from the BSP’s investments abroad,” Espenilla said.
The end-June GIR level can adequately cover 8.7 months’ worth of imports of goods and payments of services and primary income.
