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Forex reserve crosses $6bn mark PDF Print E-mail
Thursday, 03 July 2008

Bdnews24.com

The foreign exchange reserve of Bangladesh Bank has crossed $6.11 billion, according to the latest data provided by the central bank.

On Thursday, the last day of the past week, the central bank recorded $5.96 billion in reserve, which climbed to $6.03 billion on Sunday.

The foreign exchange reserve was boosted by remittance inflows and higher export earnings, Bangladesh Bank governor Salehuddin Ahmed told bdnews24.com.

Earlier at the end of May, the reserve stood at $6.10 billion. In the first week of June, the reserve slipped to $5.35 billion after $0.8 billion was paid in import bills to Asian Clearing Union.

The reserve later followed a rising curve.

In the outgoing fiscal 2007-08, the amount of remittances sent in by expatriates stood at about $8 billion. In June, more than $700 million in remittances flowed into the country.

The outgoing fiscal year until June 26 recorded more than $7.88 billion in all remittances.

Before going to Switzerland to join the 78th meeting of Bank for International Settlement (BISS), central bank governor Salehuddin Ahmed told bdnews24.com: "The foreign exchange reserve level is satisfactory as the remittance inflows increased."

Ahmed said the positive trend of export earnings in the last half of the fiscal year contributed to an increase in foreign exchange reserves.

According to the information of Bangladesh Bank Forex Reserve and Treasury Management Division, expatriate Bangladeshis remitted $7.18 billion in the 11 months to May of fiscal 2007-08—an increase of $1.71 billion from the same period a year ago.

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