Bangladesh’s FX reserves hit record, top $ 24 b at end-April

Wednesday, 6 May 2015 00:43 - - {{hitsCtrl.values.hits}}

DHAKA (Reuters): Bangladesh’s foreign exchange reserves hit a record $24.07 billion at the end of April, the central bank said on Monday, thanks to steady exports and remittances and slower imports on the back of a drop in global commodities prices. The reserves, enough to cover more than six months of imports, are more than $1 billion higher than at the end of March. At the end of April 2014, they were $20.37 billion. Exports from July to March, the first three quarters of the financial year, rose nearly 3% from the same period a year earlier to $22.9 billion as garment sales remained strong even though the pivotal industry has seen a string of fatal factory accidents. Bangladesh received $11.25 billion in remittances from citizens working overseas in July-March, up 7.2% 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 hit the economy hard, which has grown an average of 6% over the last few years.