Forex reserve claws back above $10b

http://www.thedailystar.net/newDesign/news-details.php?nid=206115

Forex reserve claws back above $10b
Star Business Report

Foreign exchange reserve again returned to the $10 billion mark yesterday, after a gap of more than two weeks, a senior central bank official said.

The reserve moved to a safer zone on news that the euro bounced back on a stronger action by European leaders, who vowed to solve the eurozone crisis to avert wider financial contagion.

The reserve stood at $10.02 billion yesterday.

“Gains by gold and an inflow of fund from UN Bangladeshis peacekeepers have helped the reserve cross $10 billion,” a senior Bangladesh Bank official said yesterday.

Forex reserve went down to $9.8 billion in recent days after hovering around $10-11 billion for more than a year.

Some analysts earlier said a reserve of $9.8 billion was not enough to meet the country’s import bills for three months, an international standard to maintain foreign currency reserve.

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