Forex reserve crosses record $18bn
Published: 2013-12-19 16:19:46.0 BdST Updated: 2013-12-19 21:45:07.0 BdST
Bangladesh's foreign currency reserves have crossed the $18-billion mark for the first time due to buoyant remittance flow and rising export income.
"The reserves at Bangladesh Bank topped $18-billion mark on Thursday afternoon," Quazi Saidur Rahman, General Manager of the bank’s Forex Reserve and Treasury Management Division told bdnews24.com.
It will be possible to foot import bills for six months with the money, he said.
As per the international standard, a country has to have enough foreign currency reserve to meet import costs for at least three months.
The amount is the highest in Bangladesh's independent history.
A media statement from the central Bank on Thursday said it had a reserve of $18.05 bln -- second only to India among the SAARC countries.
It said the reserve rose due to positive remittance flow, a 16.46 percent increase in export earnings, stable exchange rates, increased foreign currency flow due to opportunities for private sectors to take loans in foreign currencies, buoyant rice production, and lower import cost.
The reserve stood at $10 bln on Dec 10, 2009. It crossed the $15 bln-mark on May 7 this year and topped the $17 bln-mark on Oct 22.
Bangladesh is trying to boost its forex reserve although the current one is satisfactory in view of the country's overall economic condition, the Bank said in the statement.
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