Dollar reserves bounce back to $82B
The import cover has recovered.
Gross international reserves (GIR) held by the central bank went up to $82.13 billion as of end-January 2019, improving from December’s $79.19 billion level.
The marked recovery comes after an increase in net foreign currency deposits, the central bank’s foreign exchange operations, revaluation gains from gold holdings and higher income from investments abroad.
The best part: the import coverage ratio of the GIR went up to 7.2 months, at a time when imports are sharply rising.