Foreign exchange reserves drop in November

Rise in import cited as the key factor

Published: December 03, 2017 18:52:55 | Updated: December 04, 2017 21:08:36

Bangladesh's foreign exchange reserves fell in November, although it rose by four per cent than that of previous year.

November’s foreign exchange reserve fell to US$32.60 billion from the previous month’s $33.45 billion, according to data by the central bank.

A Reuters report on Sunday citing comments by a senior central bank official said that the monthly drop was fuelled by a rise in imports.

But the reserves were sufficient to cover about 10 months' worth of imports, he added.

Steady garment exports and remittances from Bangladeshi expatriates, the key drivers of more than $250 billion economy, have helped the country’s foreign exchange reserves grow steadily in recent years.

Economic growth hit a record 7.28 per cent in the financial year ending June 2017, up from 7.11 per cent the previous year.

Share if you like