Bangladesh’s foreign exchange reserves have crossed the $30bn mark amid a boom in inflow of remittances ahead of one of the biggest Muslim religious festivals – Eid al-Fitr that marks the end of the holy month of Ramadan.
A senior official of the Bangladesh Bank (BB) who did not like to be named said yesterday that the country’s foreign exchange reserves reached a record amount of $30,001.88mn on Monday, reflecting the country’s strength from the economical and financial point of view.”
Officials reported an increase in the amount of remittances ahead of Eid al-Fitr, as millions of Bangladeshis living and working abroad scrimp and save during Ramadan to send more money home for relatives.
“Like previous years Eid has also come as a big boon for Bangladesh as the country has been receiving huge remittances from millions of expatriates,” said the BB official.
Bangladesh’s foreign exchange reserves in April this year touched the $29bn mark for the first time.
Officials said Bangladesh’s current reserves were enough to pay the country’s import bills for eight to nine months.