DHAKA: General Manager of Forex Reserve and Treasury Management Department of Bangladesh Bank (BB), Kazi Sayedur Rahman, said during a conference in Dhaka that Bangladesh’s foreign exchange reserve surpassed $23 billion due to pressure of lower import payments.
The reserve rose to $23.03 billion on the day, setting a new record, from $22.90 billion of the previous working day. It was $22.05 billion on August 7, 2014.
“Our forex reserve has crossed the $23 billion-mark due to steady growth of both export earnings and inward remittance despite the political turmoil,” he added.
He also said the country will be able to settle seven months’ import bills with the existing forex reserve. “Falling trend of overall imports along with lower prices of petroleum products in the global market have also helped to raise the country’s forex reserve.”
Talking to BBN, another BB official said purchasing of the US dollar from the commercial banks has contributed to increasing the forex reserve recently.
A total of $1.87 billion was bought from the commercial banks between July 2 and February 25 of the current fiscal year (FY) 2014-15 as part of the BB’s intervention in the market.
