Different concentrations of amorphous Co-Fe-B particles dispersed in Ag matrix have been prepared by the reduction method. In cases of 5 and 10 wt.% Co-Fe-B dispersed in Ag, magnetization values decrease with increasing temperature indicating the presence of the high paramagnetic fraction. At low concentrations of Co-Fe-B, the dipolar interactions between the ferromagnetic Co-Fe-B particles are weak due to the presence of Ag particles between them. For 20 wt.% Co-Fe-B dispersed in Ag, ferromagnetic character is found to increase. This has been assigned to the decreasing distance between ferromagnetic particles. It is established that the dipolar interactions among ferromagnetic particles enhance the ferromagnetism.