Bangladesh FX reserves fall in November

Source : REUTERS
Last Updated: Sun, Dec 02, 2012 05:30 hrs

DHAKA, Dec 2 (Reuters) - Bangladesh's foreign exchange reserves fell to $11.75 billion at the end of November from a record high of $12.34 billion in October, but were up from $9.28 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 around $800 million, a senior central bank official said.

Remittances and exports rose for the fourth month in row in October, helping to stabilise the country's reserves.

Bangladesh's worst-ever industrial blaze, which killed more than 100 people in late November, has put its garment industry under the global spotlight. Wages are low, and working conditions and safety standards are poor.

The sector, which makes clothes for international brands, earned $19 billion in the year to June, while total export earnings were $24 billion. (Reporting by Ruma Paul; Editing by Daniel Magnowski)




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