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18 August, 2015 00:00 00 AM
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Reserves hit new height at $26b mark

Bangladesh’s foreign exchange reserves have soared over $26 billion for the first time on the back of what the central bank says a stable growth in export earning and strong remittance inflow.
The reserves registered $26.03 billion yesterday, which is second highest among the country in SAARC region, according to the latest data of Bangladesh Bank (BB).
The foreign exchange (reserves) is in a strong situation due to a stable growth in export earnings and remittance and Bangladesh could be able to meet the import cost of 7 months by the reserves, according to an official of the central bank.
The reserves would go down slightly after making the import payment of Asian Clearing Union, the official added.
According to Bangladesh Bank statistics, in June 25, the reserves for the first time crossed $25 billion mark. Forex reserves were $21.32 billion on June 24 last year.
For the first time in history, the reserves crossed the $23 billion mark on February 26 this year.
But, the figure dropped to $22 billion after the central bank cleared import bills for January-February period amounting $1.01 billion to Asian Clearing Union (ACU) in the first week of March.
The reserves again crossed $23 billion on March 30 and exceeded $24 billion on April 29.
The total remittance inflow in the first 11 months of the 2014-15 fiscal is around $13.87 billion, 7.21 per cent higher than the same period of the previous year.
The slower pace of import growth, on the back of a fall in global commodities prices, also helped to boost reserves about 19 per cent over the corresponding period last year.
Bangladesh's exports in the fiscal year that ended in June rose 3.35 per cent from a year earlier, to $31 billion, led by strong garment sales, even though the pivotal industry has suffered a string of fatal factory accidents.
Bangladesh received $15.31 billion in remittances from citizens working overseas in the 2014-15 fiscal year, up 7.6 per cent from a year earlier.
Garment exports and remittances from Bangladeshis working overseas, two mainstay revenue generators for the country of 160 million people, have helped foreign exchange reserves grow steadily in recent years.

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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