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DHAKA: Bangladesh’s foreign exchange reserves hit a record $27.49 billion at the end of December, the central bank said on Sunday, 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 per cent 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 per cent 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 160 million people — have helped foreign exchange reserves grow steadily in recent years.
Published in Dawn, January 4th, 2016
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Comments (21) Closed
Jan 04, 2016 07:38am
Pakistan’s forex reserves hit record $21.07bn (Dawn, 25 December 2015).
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Jan 04, 2016 08:24am
I'm sure it must be hard earned and not hard loaned !
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Jan 04, 2016 09:19am
Some credit must be given to Zardari because of whom some manufacturers shifted their businesses to Bangladesh.
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Jan 04, 2016 09:29am
Our pride must have been hurt on seeing this news item. Had we paid attention to the country's economy and related issues, Pakistan could have been better than where it stands now. Unfortunately, our priorities have been and still are different.
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Jan 04, 2016 09:42am
Wow...not only forex reserve but Bangladesh's currency, growth rate and export is also higher than pak.....it looks they are working silently on ground level
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Jan 04, 2016 09:57am
Our Forex based on loans and IMF, definitely not hard earned.
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Jan 04, 2016 09:58am
Democracy should prevail.
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Jan 04, 2016 10:02am
Dharna, elections, re-elections, by-elections and roadside projects (metro,orange, green lines), terrorism, anti-terrorism, operations, and NS frequent but unfruitful foreign visits. Keeping these on our head, can we still expect any growth???? Answer we all know.
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Jan 04, 2016 10:14am
Banagladeshis never had dictatorship.trust me if they had they would be very much in a situation like us.Good that we have moved on and now democratic process is strengthening.ts taking time.But will be fruit full.Dictators dont understand business and human value.we wasted 30 years under them.Hope 2016 will be better and strengthen our economy.While for bangalis .good work.U guys have worked hard for it.
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Jan 04, 2016 10:33am
The slower pace of import growth means Bangladeshis do not have much money to spend (discretionary income) . The government keeps wages low. The military sets wages for the garment workers in favor of the factory owners they extort for money.
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Jan 04, 2016 10:42am
@Adnan Aziz .... The garment industry in Bangladesh makes sportswear for large Western retail chain stores.
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Jan 04, 2016 10:43am
@Philosopher (from Japan) ..... Who is we?
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Jan 04, 2016 11:47am
@Cyrus Pakistani nation.
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Jan 04, 2016 12:45pm
if these reserves not give a good life to poor people what the benefit of high reserves same for Pakistan and India. some people live worst than animals in subcontinent.
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Jan 04, 2016 02:51pm
@Shaukat Ali Khan Give credit to Shaukat Aziz and Gen: Musharraf as well. Hypocrisy is not good thing to live on.
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Jan 04, 2016 02:54pm
@Abdullah Bangladeshis had a dictator Gen Ziaur Rahman. Please do read some history.
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Jan 04, 2016 05:19pm
Well Done Bangladesh......Excellent going........I have a neighbor who shifted his factory from Karachi to Bangladesh due to extortion problem...he was getting lot of threats......He says his business has got a boom since he shifted it there............
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Jan 04, 2016 05:30pm
Move all industries from Pakistan to Bangladesh. Bangladesh is no more the poorest in Asian countries. The place has taken over by Pakistan.
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Jan 04, 2016 08:05pm
@Abdullah
economically pakistan did well under dictators
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Jan 09, 2016 07:25am
Bangladesh has done very well. Having no mineral resources, not enough cultiable land, densely populated and is overtaking Pakistan in per capita income.
Well done Bangladesh....
I hope you prosper more and that can make us Pakistani to use Bangladesh as a model.
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Jan 09, 2016 07:33am
Pakistan should be ashamed of its leaders....
Zardari, Nawaz and Altaf have worked hard to suck the blood of poor people.
On the other hand Bangladesh is doing better than Pakistan.
We burn Baldiya factory to destroy our industry for not paying Bhutta.......
I wish Bangladeshis best of luck and tremendous prosperity.
Bangladesh is achieving their dreams.
Pakistanis should get rid of their corrupt leaders.
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