Dhaka, Bangladesh (BBN)-Bangladesh’s foreign exchange (forex) reserve crossed the US$23 billion-mark for the first time on Thursday due to lower import payment pressures, officials said.
The reserve rose to $23.03 billion on the day, setting a new record, from $22.90 billion of the previous working day. It was $22.05 billion on August 7, 2014.
“Our forex reserve has crossed the $23 billion-mark due to stead growth of both export earnings and inward remittance despite the political turmoil,” Kazi Sayedur Rahman, general manager of the Forex Reserve and Treasury Management Department of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said the country will be able to settle seven months’ import bills with the existing forex reserve. “Falling trend of overall imports along with lower prices of petroleum products in the global market have also helped to raise the country’s forex reserve.”
Talking to BBN, another BB official said purchasing of the US dollar from the commercial banks has contributed to increasing the forex reserve recently.
A total of $1.87 billion was bought from the commercial banks between July 2 and February 25 of the current fiscal year (FY) 2014-15 as part of the BB’s intervention in the market.
BBN/SSR/AD-26Feb15-5:51 pm (BST)
