Bangladesh foreign exchange reserves fall in November

DHAKA Sun Dec 1, 2013 10:26am IST

DHAKA Dec 1 (Reuters) - Bangladesh's foreign exchange reserves slipped to $17.11 billion at the end of November from a record high of $17.35 billion in October, but were up from $11.75 billion a year earlier, the central bank said on Sunday.

Reserves fell in November as a result of scheduled bi-monthly import payments to the Asian Clearing Union totalling about $800 million, a senior central bank official said.

The reserves are enough to cover more than five months of imports.

Rising exports, the slow pace of imports and steady remittances from Bangladeshis working overseas have helped build reserves.

Bangladesh's exports in the period from July to October rose 16.5 percent on the year to $9.75 billion, boosted by stronger clothing sales, as the low-cost country retains its allure for cost-crunching global retailers despite deadly accidents.

The country's $20 billion garment industry, which supplies many Western retailers, has been in the spotlight after several grim incidents, including a building collapse in April that killed more than 1,130 people.

Economic growth is expected to slow to less than 6 percent in the year to June 2014 from 6 percent the previous year as political uncertainty and turmoil ahead of elections set for Jan. 5 take their toll. (Reporting by Ruma Paul)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

School Shooting

School Shooting

Two killed, four wounded in Washington state school shooting.  Full Article 

Sundar Pichai Elevated

Sundar Pichai Elevated

Google's Pichai to oversee major products and services.  Full Article 

Need For Reforms

Need For Reforms

Euro zone risks "relapse into recession" without structural reforms - Draghi.  Full Article 

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Health Of Lenders

Health Of Lenders

25 European banks set to fail health checks - sources.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage