October 1, 2014 / 6:38 AM / 3 years ago

Bangladesh Sept forex reserves slip from record high

DHAKA, Oct 1 (Reuters) - Bangladesh’s foreign exchange reserves slipped to $21.84 billion at the end of September from a record high of $22.07 billion the previous month, but were up 35 percent from a year earlier, the central bank said on Wednesday.

The reserves are enough to cover almost seven months of imports.

Steady exports and remittances from Bangladeshis working overseas have helped build the reserves, a senior central bank official said.

The marginal drop in September was due to a rise in imports, he added.

Bangladesh exports in August rose 7.25 percent from a year earlier to $2.16 billion, driven by an increase in readymade garment exports and ending a brief slowdown in July.

Exports in the year to June hit a record $30 billion, boosted by stronger garment sales even though the $24 billion industry has been struck by a string of fatal factory accidents.

Money sent home by Bangladeshis working overseas in August rose 15 percent from a year earlier to $1.16 billion. ($1 = 77.40 taka) (Reporting by Ruma Paul; Editing by Anand Basu)

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