The Philippines’ gross international reserves (GIR) slipped to a seven-month low of $80.78 billion in July, with the Bangko Sentral ng Pilipinas (BSP) attributing the drop to its foreign exchange operations and government debt payments.

A year earlier it was at $85.5 billion and July’s GIR level was down 0.65 percent from the previous month’s $81.32 billion, the BSP reported on Monday. The latest figure was the lowest since reserves dropped to $80.69 billion in December last year.

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