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Reserve soars to new high

WT24 Desk

Foreign exchange reserve soared to a new high at $26.38 billion at the end of September, driven mainly by higher remittance inflow to the country before Eid-ul-Azha, agencies report.

Bangladesh Bank (BB) data released Thursday showed that the reserve reached at $26379.04 million (nearly $26.38 billion) on September 30 from $21836.66 million ($21.84 billion) a year ago on September 2014. The year-on-year increase was $4542.38 million (over $4.54 billion) or more than 17.0 percent.

The current reserve is the second highest among the countries in SAARC region, according to the BB.

The central bank data also showed that the remittance inflow to the country rebounded in September, with 2.64 percent rise over the amount that the expatriate Bangladeshis sent home in August. The country received $1.22 billion till September 25 over $1.19 billion of August.

The remittance in August fell from July’s $1.38 billion, but the inflow started rising in September, with overseas Bangladeshi people sending home more money for Eid-ul-Azha.

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.

The export rose by nearly 28.0 percent to $2.75 billion in August when import was in down trend after showing over 3.0 percent fall in July.

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