Rise in imports pushes forex down in March

Foreign exchange reserves of the country dropped to $32.40 billion at the end of March from $33.37 billion the previous month. But the reserves were up nearly 1.0 per cent from a year earlier, the central bank said on Monday. The monthly decline was fuelled by a rise in imports, a senior central bank official said, adding that 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 $250 billion economy - have helped foreign exchange reserves grow steadily in recent years. — Reuters