The Philippines’s foreign exchange reserves declined to their lowest over the past two years as counted in October 2014.

According to the Bangko Sectral ng Pilipinas (BSP), the Philippines’s central bank, the country’s gross international reserves slumped to 79.3 billion in October 2014 from 76.13 billion USD in the same month last year.

The figure was lower than the 83.61 billion USD amount reported in September.

This is the result of the gold revaluation adjustments made by the central bank and the government’s payout obligations.

BSP announced to decrease its forecast in the foreign exchange reserves from 88 billion USD to 85.3 billion USD in 2014.-VNA