Dhaka, Bangladesh (BBN)– Bangladesh’s foreign exchange (forex) reserve crossed the US$27 billion-mark for the first time on Thursday following release of a fund worth US$255 million by the International Monetary Fund (IMF).
The country’s reserve rose to $27.05 billion on the day, setting a new record, up from $26.86 billion of the previous working day. It was $26.03 billion on August 17 last.
“The country’s forex reserve crossed $27 billion on receipt of the IMF’s fund under its Extended Credit Facility (ECF),” Kazi Sayedur Rahman, general manager of the Forex Reserve and Treasury Management Department of the Bangladesh Bank (BB), explained.
He also said Bangladesh would be able to settle more seven months’ import bills with the existing forex reserve.
Talking to BBN, another BB official said lower import payment obligations, steady growth in both inward remittance and export earnings have contributed to increasing the forex reserve position.
Besides, purchasing of the US dollar from commercial banks has helped boosting forex reserve position recently, the central banker explained.
A total of $1.90 billion was brought from the commercial banks between July 2 and October 13 of the current fiscal year (FY), 2015-16, for offsetting its increased supply to the market.