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Forex reserve hits new high before Eid

WT24 Desk

Foreign exchange reserve reached a new high at $26.22 billion on Tuesday, marking a rise by $45 million over $26.17 billion reserve on August 31 this year, agencies report.  Earlier on August 17 the foreign exchange reserve crossed $26 billion mark for first time in the country’s history. The current reserve in Bangladesh is the second highest among the countries in the SAARC region, according to the latest data of Bangladesh Bank (BB).

The reserve soared further because of higher inflow of remittance in September, with expatriate Bangladeshis sending more money home for Eid-ul Azha, a BB official said.  He said the central bank had not got complete data for the inflow of remittance in September. However, Non-Resident Bangladeshis (NRBs) sent home $905 million from September 1-18.

Last year, the pre-Eid remittance inflow in September was $1.34 billion. Besides the rising trend in remittance, the steady export growth and the fall in import cost also contributed to the historical high reserve position, which is well enough to meet the country’s seven months’ import requirements, the official said.

BB data released Wednesday showed that the export rose by nearly 28.0 per cent to $2.75 billion in August when import was in down trend after showing over 3.0 per cent fall in July.

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