Forex reserve sets new record crossing $23.05 bn
Dhaka: The country's foreign exchange reserve has set a new record, crossing $23.03 billion, reports UNB.
‘Tuesday the foreign exchange reserve stood at $23.05 billion, which was $19.23 billion on 31 March 2014,’ said on Tuesday a statement of Bangladesh Bank citing that the reserve has increased by 20 percent in last one year.
‘Different pragmatic and time-befitted measures that gave stability in the Taka-Dollar exchange rate and also increase in exports due to different government stimulus, inflow of remittance, and rise in foreign direct investment have contributed to this significant increase of the foreign exchange reserve,’ said a Bangladesh Bank statement in this regard.
‘It will be possible to meet the 6-month import bill through the current foreign exchange reserve,’ the BB said adding that on 26 February, the reserve was $23.03 billion.
The payment against import has declined significantly due to food production in the country and also due to decrease of fuel price on the international market. These have also played a pivotal role in increasing the reserve position. Among the Saarc countries, Bangladesh stood in second position while India stood top having a foreign currency reserve of $339.99 billion and Pakistan third with $16.10 billion.