For the first time, the central bank’s foreign exchange reserve has remained above $15 billion-mark after paying dues of the Asian Clearing Union (ACU).
The reserve had come down to $14.78 billion after clearing ACU’s $718 million on Monday.
Bangladesh Bank’s Forex Reserve and Treasury Management Department General Manager Kazi Saidur Rahman told bdnews24.com the reserve had again moved back to over $15 billion on Wednesday.
“The reserve had increased due to buoyant flow of remittance and buying of US dollars from the market,” he said, adding the existing reserve was good enough to finance import costs for more than five months.
Before clearing ACU’s dues, the reserve was $15.35 billion.
ACU has Bangladesh, India, Pakistan, Sri Lanka, Nepal, Bhutan, Maldives, Iran, and Myanmar as its members.
Bangladesh pays its import dues after every two months through the Union.
On Monday, it paid $718 million for the May-June period.
Meanwhile, the central bank has continued to buy dollars from the market from the beginning of the new fiscal to maintain the exports and encourage positive remittance flow.
According to data, the Bank has bought $155 million dollars from the market in the first 10 days of July.
Dollar’s price was Tk 77.75 on Wednesday.
Bangladesh Bank had bought over $5.11 billion in the previous fiscal.
In the outgoing fiscal, expatriate Bangladeshis have sent a record $14.46 billion in remittance which is 12.6 percent higher than the 2011-12 fiscal.
The income from export too has increased by 11.18 percent in the last fiscal. Bangladesh earned $27.02 billion from export in the 2012-13 fiscal.
“We hope the expatriates will send in more remittance during the coming months ahead of the Ramadan and Eid,” Saidur Rahman said.
The strength of Bangladesh economy shows in the way the Taka has appreciated against the dollar while the Indian rupee has continued to fall against the US currency.
Against 84 Taka to a dollar just over a year ago, the exchange rate now hovers between 77 to 78 taka for a dollar. In the same period, the Indian rupee has fallen from 48 rupees to a dollar to more than 60 rupees to a dollar.
Source: Bd news24
