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Philippine says gross reserves at record high in September
October 7, 2016 / 7:11 AM / a year ago

Philippine says gross reserves at record high in September

MANILA, Oct 7 (Reuters) - The Philippine central bank released on Friday preliminary data on gross international reserves (GIR) at the end of September. KEY DATA

Sept Aug Jul Jun May Apr GIR ($ bln) 85.899 85.792 85.506 85.284 82.927 83.736 (NOTE: Aug figure was revised) KEY POINTS:

- The rise in foreign exchange reserves was due mainly to the central bank’s foreign exchange operations, revaluation adjustments in its gold holdings and foreign currency deposits by the national government, it said in a statement.

- The central bank expects to end 2016 with reserves of $84.8 billion, from $80.67 billion last year. For next year, reserves are forecast to rise to $86.3 billion.

- The central bank expects the country to again have a current account surplus in 2016 despite the risk of capital outflows on higher interest rates in the United States.

- It raised its projection for the current account surplus to $5.8 billion, from $5.7 billion seen earlier. (Reporting by Karen Lema; Editing by Eric Meijer)

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