Dhaka, Bangladesh (BBN)– Bangladesh’s foreign exchange (forex) reserve crossed the US$25 billion-mark for the first time on Thursday following steady growth of both export earnings and the flow of inward remittances, officials said.
The reserve rose to $25.02 billion on the day, setting a new record, from $24.77 billion of the previous working day. It was $24.09 billion on April 29 last, according to the central bank latest statistics.
“The country’s forex reserve has crossed the $25 billion-mark due mainly to steady growth of both export earnings and inward remittance,” Deputy Governor of the Bangladesh Bank (BB) SK Sur Chowdhury told BBN in Dhaka.
Bangladesh will be able to settle more than seven months’ import bills with the existing forex reserve, Mr. Chowdhury, also assigned to look after forex reserve and treasury management, added.
Lower prices of petroleum products in the global market and private sector credit from overseas sources have helped to raise the country’s forex reserve, the deputy governor explained.
“The higher foreign exchange reserve helps encouraging investors particularly foreign ones to invest in the country,” another BB official said. “It will also help improving the country’s rating position in the near future.”