Bangladesh FX reserves rise for second straight month in July

Bangladesh’s foreign exchange reserves rose for the second month in a row in July as the central bank bought dollars to temper a rising local currency, a senior central bank official said on Wednesday.

Reserves rose to $10.57 billion at the end of July from $10.36 billion in June, and were up from $10.38 billion a year earlier, the central bank said.

Foreign exchange reserves rose to a record $11.32 billion in April 2011 but have since fallen because of rising imports, mainly oil, while exports and remittances grew more slowly in the weak global economy.

Exports dipped for the fourth month in a row in June. Total exports in the 2011-12 financial year that ended in June were up 5.9 percent from a year earlier, to nearly $24.3 billion.

Remittances in the 2011-12 fiscal year rose more than 10 percent to $12.85 billion. (Reporting by Ruma Paul; Editing by Michael Urquhart)