RSS   Newsletter   Contact   Advertise with us

Bangladesh forex reserves top $32 billon on remittances

Share on Twitter Share on LinkedIn
Staff Writer | January 4, 2017
Bangladesh's foreign exchange reserves crossed the $32 billion mark on a steady inflow of remittances, a senior official of the Bangladesh Bank (BB) said.
Bangladesh central bank
Economies in Asia   Forex Reserve and Treasury Management Department
The Bangladesh Bank (BB) Forex Reserve and Treasury Management Department official told Xinhua that "the country's foreign exchange reserves reached a record amount of $32,092.19 million on December 31."

The country's foreign exchange reserves stood at $31.37 billion at the end of November, said the official who declined to be named. Bangladesh's foreign exchange reserves in August last year reached the $31 billion mark for the first time.

The official said foreign exchange reserves continue to rise to hit a record level of $32 billion due mainly to steady inflow of remittances, major source of foreign currency for the country, from millions of Bangladeshis living and working abroad.

Officials said Bangladesh is in a position to pay about 10 months' import bills with the existing reserves, which are also enough to help the central bank's efforts in keeping the foreign exchange market stable.