Dhaka, Bangladesh (BBN)– Bangladesh’s foreign exchange (forex) reserves crossed US$26-billion mark again on Thursday largely due to lower import-payment pressure on the economy, officials said.
The reserves of the international trading currency amounted to $26 billion on the day from $25.78 billion of the previous working day. It was $26.03 billion on August 17 last.
“The country’s forex reserves crossed $26 billion again mainly due to lower prices of commodities, particularly fuel oils, on the global market,” Kazi Sayedur Rahman, general manager of the Forex Reserve and Treasury Management Department of the Bangladesh Bank (BB), told BBN in Dhaka.
Mr Rahman also said the country will be able to settle more seven months’ import bills with the existing forex reserves.
Steady growth of both export earnings and inward remittances has contributed to enhancing the country’s forex-reserve position, according to the central banker.
The country received $502 million as remittances between September 01 and September 11 from Bangladeshi nationals working abroad, according to the central bank’s latest statistics.
Besides, purchase of the US dollar from the commercial banks also added up to the reserves recently.
The central bank may continue buying of the US dollar from the banks in line with the market requirement,” another BB official hinted.
The BB has already purchasing of the US dollar from banks to help keep the inter-bank foreign exchange (forex) market stable amid increased inflow of foreign currencies ahead of the Eid-ul-Azha.