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Bangladesh’s foreign exchange reserves hit a record $27.49bn at the end of December, the central bank said yesterday, fuelled by steady exports and remittances.
The slower pace of import growth, on the back of a fall in global commodities prices, also helped boost reserves about 23% over the corresponding period of last year.
The reserves are sufficient to cover seven months of imports.
Bangladesh’s exports in July-November, the first five months of the current financial year, rose 6.7% from a year earlier to $12.88bn, led by strong garment sales even though the key industry has suffered a string of fatal factory accidents.
Garment exports and remittances from Bangladeshis working overseas - two mainstay revenue generators for the country of 160mn people - have helped foreign exchange reserves grow steadily in recent years.
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