DHAKA NEWS
Dhaka, Feb 27 Foreign exchange reserves of the Bangladesh Bank crossed $10-billion mark once again on Monday.
"It is good news for our economy," central bank governor Atiur Rahman told
"The reserves have reached the level as flow of remittances and export earnings were high," he added and expressed hope that it will increase further.
According to the central bank, its forex reserves stood at $10.05 billion on Monday. It had slipped to $8.8 billion one-and-a-half months ago from over $11-billion mark six months back.
Low import cost was another reason for the boost in the reserves, Atiur said and credited the Bangladesh Bank for this.
"For several steps taken by the central bank, import of unnecessary and luxury products has decreased.
"Besides, the contractionary monetary policy also helped in curbing the import cost."
Flow of remittances into the country grew 12 percent in the first seven months of the current fiscal. Export earnings increased 14 percent during the period.
Expatriates remitted $1.21 billion in January, highest in a single month. From Feb 1 to 20, they have sent in $0.75 billion.
The amount of opening LoCs (letters of credit) to import food, capital machineries and industrial raw materials during Feb 1-20 decreased but that of fuel oil showed a rise.
"It is good news for our economy," central bank governor Atiur Rahman told
"The reserves have reached the level as flow of remittances and export earnings were high," he added and expressed hope that it will increase further.
According to the central bank, its forex reserves stood at $10.05 billion on Monday. It had slipped to $8.8 billion one-and-a-half months ago from over $11-billion mark six months back.
Low import cost was another reason for the boost in the reserves, Atiur said and credited the Bangladesh Bank for this.
"For several steps taken by the central bank, import of unnecessary and luxury products has decreased.
"Besides, the contractionary monetary policy also helped in curbing the import cost."
Flow of remittances into the country grew 12 percent in the first seven months of the current fiscal. Export earnings increased 14 percent during the period.
Expatriates remitted $1.21 billion in January, highest in a single month. From Feb 1 to 20, they have sent in $0.75 billion.
The amount of opening LoCs (letters of credit) to import food, capital machineries and industrial raw materials during Feb 1-20 decreased but that of fuel oil showed a rise.
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