Dhaka, Bangladesh (BBN)– The country’s foreign exchange (forex) reserved is likely to cross the US$26 billion-mark for the first time within this week following lower prices of commodities particularly fuel oils in the global market, officials said.
“Our forex reserve may cross $26 billion mainly due to lower import payment pressure,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said steady growth of both export earnings and inward remittance has contributed to increasing the country’s forex reserve position.
Besides, purchasing of the US dollar from the commercial banks has helped boosting forex reserve position recently, he added.
As part of the move, the central bank bought $84 million from seven commercial banks at market rate on Thursday last.
A total of $1.12 billion was brought from the commercial banks between July 2 and August 13 of the current fiscal year (FY), 2015-16, for offsetting its increased supply to the market.
The country’s foreign exchange reserve rose to $25.90 billion on Thursday from $25.76 billion of the previous day following the US dollar purchase.
“We may continue purchasing the US dollar from the banks in line with the market requirement,” the central banker hinted.
Besides, the country received $292.27 million as remittance between August 1 and August 7 from Bangladeshi nationals who are working abroad, according to the central bank’s statistics.
Earlier on June 25 last, the country’s forex reserve crossed the US$25 billion-mark for the first time following steady growth of both export earnings and the flow of inward remittances.