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

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Counterterrorism plan
Updated 23 Nov, 2024

Counterterrorism plan

Lacunae in our counterterrorism efforts need to be plugged quickly.
Bullish stock market
23 Nov, 2024

Bullish stock market

NORMALLY, stock markets rise gradually. In recent months, however, Pakistan’s stock market has soared to one ...
Political misstep
Updated 23 Nov, 2024

Political misstep

To drag a critical ally like Saudi Arabia into unfounded conspiracies is detrimental to Pakistan’s foreign policy.
Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...