The country's foreign currency reserves yesterday crossed $11 billion thanks to slowing imports and steady remittance growth, officials said.

The foreign currency reserves went down below $11 billion last week when the country paid $70 million to Asian Clearing Union as debt servicing.

A central bank official said the reserves stood at $11.1 billion now and the banking regulator hopes to cross $12 billion in the next two to three months.

The steady flow of remittance and declining imports contributed to the rise in reserves.

Non-resident Bang-ladeshis send $1.167 billion in remittance in August, up by 6 percent over the same month last year.

This is the ninth consecutive month that Bangladesh has received over one billion dollar in remittance.

The remittance in the first two months of 2012-13 rose by 11.9 percent over the same period a year ago.

News: The Daily Star/Bangladesh/13-Sep-12