Dhaka, Bangladesh (BBN)– Bangladesh’s foreign exchange (forex) reserve crossed the US$30 billion-mark for the first time on Monday following higher export growth and lower import payment pressures on the economy.
The forex reserve rose to $30. 00 billion on the day, setting a new record, from $29.86 billion of the previous working day. It was $29.01 billion on April 25 last.
“Our forex reserve has crossed the $30 billion-mark mainly due to higher export earnings and upward trend of inward remittance ahead of the Eid-ul-Fitr festival,” Bangladesh Bank (BB) Deputy Governor SK Sur Chowdhury told BBN in Dhaka.
He also said the country will be able to settle eight months import bills with the existing forex reserve.
The country’s overall imports decreased in terms of value not quantity following lower prices of commodities particularly petroleum products in the global market, Mr. Sur Chowdhury explained.
“The country’s overall imports are still a satisfactory level,” he noted.
The deputy governor also said stable exchange of the local currency 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.
Bangladesh received $1.13 billion as remittances between June 1 and June 24 from Bangladeshi nationals who are working abroad, according to the central bank’s latest statistics.
In May 2016, the inflow of remittance was $1.21 billion.
Purchasing of the US dollar from the commercial banks has contributed to increasing the forex reserve recently, another BB official said.