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Bangladesh forex reserves top 32 bln USD on remittances

Xinhua, January 2, 2017 Adjust font size:

Bangladesh's foreign exchange reserves crossed the 32 billion U.S. dollars mark last month on a steady inflow of remittances, a senior official of the Bangladesh Bank (BB) said on Monday.

The Bangladesh Bank (BB) Forex Reserve and Treasury Management Department official told Xinhua that "the country's foreign exchange reserves reached a record amount of 32,092.19 million U.S. dollars on Dec. 31."

The country's foreign exchange reserves stood at 31.37 billion U.S. dollars at the end of November, said the official who declined to be named.

Bangladesh's foreign exchange reserves in August last year reached the 31 billion U.S. dollars mark for the first time.

The official said foreign exchange reserves continue to rise to hit a record level of 32 bln USD due mainly to steady inflow of remittances, major source of foreign currency for the country, from millions of Bangladeshis living and working abroad.

Officials said Bangladesh is in a position to pay about 10 months' import bills with the existing reserves, which are also enough to help the central bank's efforts in keeping the foreign exchange market stable. Endit