July Gross International Reserves at Record High

Gross international reserves (GIR) rose to $85.49 billion as of end-July this year. This is higher by $210 million than the previous month’s $85.28 billion and is enough to cover 10.5 months’ worth of imports. The record-high is mainly because of an increase in the value of the gold holdings of the central bank. This gives policy makers a wider buffer to deal with any external economic shocks…

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