Bangladesh’s FX reserves hit new record of $ 23.05 b at end-March
Thursday, 2 April 2015 00:00
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DHAKA, (Reuters): Bangladesh’s foreign exchange reserves hit a record $ 23.05 billion at the end of March, the central bank said on Wednesday, thanks to steady exports and remittances.
The reserves, enough to cover seven months of imports, are nearly 20 higher than at the end of March 2014.
Exports between July and February were $ 20.31 billion, 2.4% higher than a year early as garment sales remained strong even though the pivotal industry has had a string of fatal factory accidents.
Bangladesh received $ 9.90 billion in remittances from citizens working overseas in July-February, up 7.6% from a year earlier.
Garment exports and remittances from Bangladeshis working overseas, two mainstays for the country of 160 million people, have helped build reserves in recent years.
However, renewed political turmoil could cast a pall over the economy, which has grown an average of 6% over the last few years.
