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.
You may also like
Any unauthorised use or reproduction of bdnews24.com content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
- Bangladesh urges donors to align programmes to UN SDGs
- China wants to invest in Bangladesh, security not a concern: ERD secretary
- US seeks Bangladesh’s cooperation to preserve oceans
- Bangladesh turns to Black Sea region for wheat as India supply fades
- Philippine ex-bank manager out on bail in case linked to Bangladesh Bank cyber heist
- Bangladesh Bank, New York Fed to resume normal money transfers: Sources
- Philippine police arrest ex-bank manager linked to Bangladesh Bank heist
- Bangladesh’s FY 2015-16 trade deficit at six-year low
- In a shift, Bangladesh Bank says no plans to sue New York Fed, SWIFT
- Bangladesh’s Net FDI in FY 2015-16 surpasses $2 billion mark
- 6.8 magnitude quake shakes Dhaka, other parts of Bangladesh
- Frenchman shouts 'Allahu Akbar' as he stabs UK woman to death in Australia
- 'Militant Sifat', wanted over murder of publisher Dipan, nabbed in Tongi
- US Secretary of State John Kerry coming to Bangladesh on Aug 29
- Death toll in Italian earthquake rises to 73
- Supreme Court adjourns war crimes convict Mir Quasem's review hearing until Sunday
- At least 50 injured, 100 detained after workers and police clash in Chittagong
- Six get death penalty for 2013 gang-rape, video of Bangladesh apparel worker
- Sacked army officer Zia masterminded publisher Dipan murder, police say quoting key suspect
- NBR hits out at Jamuna Group with media statement detailing development works possible with dues