Dhaka, Bangladesh (BBN)-Bangladesh’s foreign exchange (forex) reserve crossed the US$24 billion-mark for the first time on Wednesday following steady growth of both export earnings and the flow of inward remittances.
The reserve rose to $24.09 billion on the day, setting a new record, from $23.78 billion of the previous working day. It was $23.05 billion on March 31 last.
“Our forex reserve has crossed the $24 billion-mark due mainly to steady growth of both export earnings and inward remittance,” 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 said the country will be able to settle nearly seven months import bills with the existing forex reserve.
Talking to the BBN, another BB official said purchasing of the US dollar from the commercial banks has also contributed to increasing the forex reserve recently, according to another BB official.
The central bank has bought the greenback from the banks continuously to help keep the inter-bank foreign exchange (forex) market stable.
As part of the move, the BB purchased $30 million from a commercial bank at market rate on Wednesday.
A total of $2.82 billion was bought from the commercial banks between July 2 and April 29 of the current fiscal year as part of the BB’s intervention in the market.