DHAKA: Bangladesh’s foreign exchange reserves hit a record $25.46 billion at the end of July, the central bank said on Monday, fuelled by steady exports and remittances.
The slower pace of import growth, on the back of a fall in global commodities prices, also helped to boost reserves about 19 per cent over the corresponding period last year. The reserves are sufficient for seven months of imports.
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Bangladesh’s exports in the fiscal year that ended in June rose 3.35 per cent from a year earlier, to $31 billion, led by strong garment sales, even though the pivotal industry has suffered a string of fatal factory accidents.
Bangladesh received $15.31 billion in remittances from citizens working overseas in the 2014/15 fiscal year, up 7.6 per cent from a year earlier.
Garment exports and remittances from Bangladeshis working overseas, two mainstay revenue generators for the country of 160 million people, have helped foreign exchange reserves grow steadily in recent years.
