Dhaka, Bangladesh (BBN)– Bangladesh’s foreign exchange (forex) reserve crossed the US$29 billion-mark for the first time on Monday following higher export growth and lower import payment pressures on the economy.
The reserve rose to $29.01 billion on the day, setting a new record, from $28.91 billion of the previous working day. It was $28.06 billion on February 25 last.
“The forex reserve has crossed the $29 billion-mark due mainly to higher export earnings and upward trend of inward remittance,” SK Sur Chowdhury, deputy governor of the Bangladesh Bank (BB), told BBN in Dhaka.
Mr. Sur Chowdhury also said the country will be able to settle more than seven months import bills with the existing forex reserve.
Lower prices of commodities particularly petroleum products in the global market have also helped to raise the country’s forex reserve, the deputy governor explained.
He also said stable exchange of the Bangladesh Taka (BDT) against the US dollar has encouraged the expatriate Bangladeshis to send their hard-earned money to home land that also helps boost the country’s forex reserve.
The country received $920.02 million as remittances between April 1 and April 22 from Bangladeshi nationals who are working abroad, the BB data showed.
In March 2016, the inflow of remittance was $1.28 billion.