Bangladesh’s forex reserves have reached a record US$ 16 billion, spurred by a double-digit growth in exports and low food imports, according to the central bank governor.
“You can attribute this remarkable feat to a combination of factors,” Governor Atiur Rahman told bdnews24.com.
“A slump in food imports thanks to high agricultural output, improvement in payment system and a double-digit export growth have all contributed,” he said in exclusive remarks to bdnews24.com.
“This is enough to foot the import bill for five and a half months,” Atiur Rahman, whose four-and-a-half years in charge has seen the reserves treble.The reserves reached US$ 16.03 billion to be precise, only second to India in South Asia.
The figure is six billion US dollars more than Pakistan’s, Atiur Rahman pointed out.
“The non-resident Bangladeshis are increasingly relying more on regular banking system to remit money,” he said.
The informal process – known as hundi – is no longer the preferred choice, leading to a bigger inflow into the central bank coffers, the governor said.
“We have done quite a bit to improve our payment systems,” Atiur Rahman said.
Source: Bd news24