New record in forex reserve

Bangladesh’s foreign currency reserves have reached $24 billion on Wednesday, setting a new record.

The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC countriesKazi Saidur Rahman General Manager of Bangladesh Bank (BB) confirmed this to reporters.

The reserves first crossed the $23-billion mark on February 26 this year. The reserve is currently enough to meet the country’s import bills for more than six months.

The central bank attributed the record reserve accumulation to a stable flow of remittances and export earnings.

The bank also attributed the savings to direct foreign investments and the borrowing of foreign currency by the government.

Currently Bangladesh is ranked second in South Asia in forex reserve just after India. India has a forex reserve of $339.99 billion.

The current reserves will help keep the value of Taka stable against the US dollar according to an official of the bank.

– Ittefaq Report