Forex reserves decline to 6-year low of $76.9-billion

The country’s gross international reserves as of end-July 2018 declined to a six-year low of $76.89 billion due mainly to the government’s payment of maturing foreign exchange obligations, Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said Wednesday.

Data showed the reserves also fell from $77.53 billion at the end of June. The July reserves were lowest in six years, or since $76.129 billion in June 2012.

Espenilla said aside from the settlement of foreign exchange obligations, other reasons for the decline in reserves were the foreign exchange operations of the Bangko Sentral and revaluation adjustments in gold holdings resulting from the decrease in the price of gold in the international market.