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.
Any unauthorised use or reproduction of bdnews24.com content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
- New Zealand and Sri Lanka to consider free trade agreement
- UK house price growth slows for first time since July: RICS
- First freight train from China to Britain arrives in London
- Bipu, Muhith take contradictory stand on fuel price cut
- Govt reverses decision to reduce fuel pricesl
- Bangladesh ahead of India, Pakistan in inclusive development: WEF report
- Bangladesh economy will grow at 8 percent in next two years, says finance minister
- CID again fail to press charges in court over BB reserves heist
- Bangladesh to publish NY Fed heist probe finds after retrieving money from Philippines
- World's eight richest as wealthy as half humanity, Oxfam tells Davos
- Bangladeshi gas station worker shot dead in Los Angeles
- Government splits home ministry in two divisions
- Former Egypt ambassador in Dhaka to take back his seized car
- Woman surrenders to police after murdering husband
- 'Brand Bangladesh’ on world stage in Davos World Economic Forum
- Hasina faces question on Rampal Power Plant at Davos
- Muminul dropped from Christchurch Test, Mustafizur, Shanto included
- Police arrest alleged attacker of Sylhet college girl Zhuma
- Police tell HC mentally challenged teen was 'molested, 'not raped'
- Chief justice forms panel to probe over Chittagong lawyers vandalising magistrate's chamber