4:34 pm - Wednesday October 18, 5911

Forex reserves crosses $21b again

Forex-res1Kazi Saidur Rahman, General Manager of Bangladesh Bank Forex Reserve and Treasury Management Department said, the reserves stood at $21.12 billion on Thursday.

According to the central bank, the reserves earlier exceeded $21 billion on June 16 but depleted following payment of $970 million import bills to the Asian Clearing Union (ACU) on July 6.

Rahman attributed the rise in forex reserves to ‘the positive trend’ in remittance inflow and export earnings, and disbursement of foreign loans to local organisations.

He said Bangladesh could pay import bills of more than six months with the current balance.

The central bank official said the reserves would swell further in the coming days as the expatriate Bangladeshis would remit more money to the families back home for Eid-ul-Fitr celebrations.

The Eid might fall on July 30 subject to sighting of the moon.

According to the central bank, Bangladesh received around $200 million in remittance in the first four days of the current month.

Remittance was at $14.23 billion in 2013-14 financial year ending on June 30.

The latest statistics released by Export Promotion Bureau on Thursday shows that export earnings in the just concluded financial year reached record $30.18 billion.

Forex reserves exceeded the $20-billion mark for the first time on Apr 10 this year.