October 3, 2017 / 11:39 AM / 9 months ago

Bangladesh foreign exchange reserves slip from record high

DHAKA, Oct 3 (Reuters) - Bangladesh’s foreign exchange reserves fell to $32.91 billion at the end of September from a record $33.49 billion the previous month, but were up nearly 5 percent from a year earlier, the central bank said on Tuesday.

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 10 months’ worth of imports for the country of 160 million people.

Steady garment exports and remittances from Bangladeshis working overseas, the key drivers of the country’s more than $200 billion economy, have helped foreign exchange reserves grow steadily in recent years. (Reporting by Ruma Paul; Editing by Nick Macfie)

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