Friday, December 2, 2016

Bangladesh November reserves slip from record high

Via: Sachtimes
Dec 1 Bangladesh's foreign exchange reserves edged down to $31.37 billion at the end of November from a record high of $31.90 billion the previous month, but were up 14 percent from a year earlier, the central bank said on Thursday.

The monthly drop was fuelled by a rise in imports, a senior central bank official said, adding that the reserves were sufficient to cover about nine months' worth of imports.

Last month, Bangladesh's central bank retrieved just under a fifth of the $81 million looted in February from its account at the New York Federal Reserve, which then went missing in Manila, after one of the biggest bank frauds ever.

Steady garment exports and remittances from Bangladesh nationals working overseas, the key drivers of a more than $200 billion economy, have helped build reserves in recent years. (Reporting by Ruma Paul; Editing by Clarence Fernandez)
This article first seeen on reuters