External reserves declined by $52.4 million during August compared to the year ago period–a drop facilitated by millions of dollars in profit repatriations by commercial banks.
The Central Bank noted in its latest report that external reserves would have been boosted in 2009 by $151 million in special drawing rights (SDRs)that were allocated to the government under the International Monetary Fund’s global initiative.
In addition, it said the bank’s net sale of foreign currency to commercial banks almost doubled from $41.2 million in 2009 to $80 million, to facilitate profit remittances, with banks increasing their net sale to customers by $8.8 million to $72.3 million.
