Bangladesh Forex reserves records an increase

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Bangladesh Forex reserves records an increase

Bangladesh's foreign currency reserve crossed a record $28 billion, riding on a hike in exports and remittances.

“It is attributed to falling commodity prices, particularly oil, a rise in export and inflowing remittances,” Kazi Sayedur Rahman, general manager for the forex reserve and treasury management department of Bangladesh Bank, told The Daily Star yesterday.

The $28 billion reserves are enough to meet the country's import bills for eight months, according to the central bank. The reserves may decline a bit next month as a payment will be made to the Asian Clearing Unit, a BB official said.

Reserves rose to $27 billion at the end of last year, from $23 billion in February and $24 billion in April 2015.

Exports grew by 8.26 percent to $19.26 billion in the first seven months of the current fiscal year, with a growth rate of 10.41 percent in January 2016 alone