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07:01 PM, February 19, 2014 / LAST MODIFIED: 01:53 AM, March 08, 2015

Forex reserves hit new record

Forex reserves hit new record

Star Online Report

Increase in remittances, exports and food production spurred the foreign exchange reserves to a new record of $19.04 billion, according to a statement of the Bangladesh Bank (BB).

The figure makes Bangladesh’s foreign currency reserves second only to India’s in the sub-continent, said the statement signed by AFM Asaduzzaman, General Manager of the central bank.

The foreign reserves increased over $1 billion in the last three months while in the last four and a half years the increase was $4.5 billion, it added.

“The high reserves also mean the country’s credit rating will get a boost. It will be possible to make foreign borrowings at competitive rates, which will help increase investment,” an official of Bangladesh Bank told The Daily Star.

Despite various crises, both on the local and international front, the country’s remittance and export have been growing continuously, which have pulled up the foreign exchange reserves.

The foreign currency reserve was $18.05 billion on December 18 last year.

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