Forex reserves cross $14b

Foreign currency reserves crossed the $14 billion-mark for the first time yesterday in the history of Bangladesh.
According to the central bank statistics, the reserve was $14.10 billion yesterday.
Foreign exchange reserve is shooting up due to the export and remittance growth and fall in imports, said Kazi Saidur Rahman, general manager at Bangladesh Bank.
Around $140 million of the second instalment of the extended credit facility of the International Monetary Fund will be deposited with the central bank today, which will further boost the forex reserves, according to a BB official.
The current reserve can be used to clear import bill requirements of over five months, the central bank said in a statement yesterday.
Besides, in the first six months of the current fiscal year, import fell by 8 percent and export increased.

Although the world is suffering from a recession, Bangladesh's remittance inflow is steadily increasing, and it went up by 17.34 percent with total remittance receipts at $9.88 billion in the first eight months of the current fiscal year.
From July 1 of the current fiscal year till yesterday, the central bank purchased $3.28 billion from the banks. All these put together, the foreign currency reserves increased, a BB official said.
Middle East and North Africa have occupied a big part of Bangladesh's labour market, Finance Minister AMA Muhith told the parliament yesterday.
"The positive thing is that the political situation in the sub-continent has been settling down gradually. Manpower export to Malaysia has also started," the banking regulator said in the statement.
"With that backdrop, remittance is likely to increase further."