June 5, 2017 / 8:41 AM / in 5 months

Bangladesh forex reserves edge down to $32.25 bln by end-May

DHAKA, June 5 (Reuters) - Bangladesh’s foreign exchange reserves edged down to $32.25 billion at the end of May from $32.52 billion the previous month, the central bank said on Monday, but were up 12 percent from a year earlier.

The drop was caused by a rise in imports, a senior central bank official said, adding that reserves were sufficient to cover nine months worth of imports for the country of 160 million people.

Steady exports of readymade garments and remittances from Bangladeshis working overseas - the key drivers of a more-than-$200-billion economy - have helped foreign exchange reserves grow in recent years. (Reporting by Ruma Paul; Editing by Clarence Fernandez)

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