Foreign reserves ticked up USD 38.2 mn in January to end the month at USD 40.1 bn, according to central bank figures released yesterday. Foreign reserves had made a significant comeback in December, rising by almost USD 800 mn to their highest level since April. The FX stockpile had fallen by around USD 10 bn between March and May 2020 when the central bank stepped in to cover portfolio outflows, meet debt repayments, and pay for commodity imports during the global selloff of emerging market assets prompted by covid-19.

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