Bangladesh forex touches highest ever mark

Bangladesh forex touches highest ever mark

The reserves, enough to cover more than eight months of imports, are nearly $5 billion higher than the same period last year. (Representational Image.) Photograph: (Getty)

Reuters Bangladesh Jun 29, 2016, 01.31 PM (IST)
Helped by exports and remittances and slower imports on the back of a drop in global commodities prices, Bangladesh's foreign exchange 
reserves exceeded $30 billion for the first time, their highest on record, the central bank said on Tuesday. 

The reserves, enough to cover more than eight months of imports, are nearly $5 billion higher than the same period last year.

Steady garment exports and remittances from Bangladeshis working overseas, two mainstays for the country of 160 million people, have
helped build reserves in recent years.

Bangladesh, however, lost $81 million from its account at the Federal Reserve Bank of New York in February in a massive cyber-heist. 

(Reuters) 
 
 

STORY HIGHLIGHTS

The reserves, enough to cover more than eight months of imports, are nearly $5 billion higher than the same period last year

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