Bangladesh's foreign exchange reserve hits all-time high

[Bengal_Tiger]

Bangladesh forex reserves hit record high in April

DHAKA Sun May 4, 2014 12:01pm IST

May 4 (Reuters) - Bangladesh's foreign exchange reserves reached a record high $20.37 billion at the end of April, more than 37 percent higher than a year earlier, the central bank said on Sunday.

The higher reserves, which stem from a widening current-account surplus, can to cover more than six months of imports.

At the end of April 2013, reserves were $14.83 billion. The total last month was $1.06 billion above the March 2014 level.

Rising exports and slow imports have helped build reserves despite a drop in remittances due to fewer Bangladeshis going abroad to work.

In the first three quarters of the fiscal year that began July 1, exports were $22.24 billion, up 13 percent from a year earlier, largely due to stronger garment sales.

However, Bangladesh's garment industry has been hit by a string of fatal factory disasters, including the April 2013 collapse of a building housing factories 2013 that killed more than 1,130 people.

In the first 10 months of the fiscal year, the central bank purchased nearly $4.2 billion from local commercial banks to stem the rise of the domestic currency.

Economic growth is expected to slow below 6 percent in the l year ending in June, after the country was gripped by political turmoil leading up to an election in January. In 2012/13, the economy grew 6 percent. (Reporting by Ruma Paul; Editing by Richard Borsuk)

http://in.reuters.com/article/2014/05/04/bangladesh-forex-idINL3N0NQ05920140504

1. This is an increase of almost 40% since last year.

So if Forex reserves also increased by 37% next year it would be $27.9 billion.



2. Pakistan's forex is $11 billion.

http://www.thenews.com.pk/Todays-News-3-247703-Forex-reserves-fell-to-$1174bn



3. Afghanistan's was around $6 billion a while back.

[Bengal_Tiger]

Bangladesh trumps Pakistan in forex reserves

Abdur Rahim Harmachi, Chief Economics Correspondent,

bdnews24.com



Bangladesh's foreign exchange reserves have surpassed those of Pakistan by more than one and a half times in what is seen as another victory in December.


The reserves stood at $22.4 billion on Thursday thanks to buoyant remittance inflow and rising export income.

Pakistan, on the other hand, has $13.82 billion in reserves.

"Our reserves have reached the highest in 43 years," an elated Bangladesh Bank Governor Atiur Rahman told bdnews24.com.

"It is another triumph in the month of victory," he said acknowledging remittance and export income's major role.

India has the highest forex reserves among SAARC nations at a whooping $315 billion.

A country should ideally have reserves to foot the import bill for at least three months.

But, Bangladesh has enough reserves to pay import bills for seven months, said the central bank's Forex Reserve and Treasury Management Division's chief Kazi Saidur Rahman.

The reserves will likely be above $22 billion until the next Asian Clearing Union bill is paid in January.

He said rising US dollar prices had somewhat encouraged the expats to remit more in recent times.

But the Taka-Dollar exchange rate was "stable".

In the first five months of this fiscal (Jul-Nov), remittance increased by 11 percent.

In November, Bangladesh received a $1.17 billion from expats, 24 percent higher than in October.

On the other hand, the export income increased by 9.5 percent last month.

http://bdnews24.com/economy/2014/12/18/bangladesh-trumps-pakistan-in-forex-reserves

[Bengal_Tiger]

Bangladesh’s forex reserves touch $23 billion

Chief Economic Correspondent, bdnews24.com
Published: 2015-02-26 17:06:29.0 BdST Updated: 2015-02-26 17:42:14.0 BdST


Bangladesh’s forex reserves have continued to rise amid a violent political tension, which has badly affected the economy.

Reserves surpassed the $23 billion mark for the first time in the country’s history on Thursday.

A stable inflow of remittance and export incomes led to the record reserve, Bangladesh Bank’s Forex Reserve and Treasury Management chief Kazi Saidur Rahman told bdnews24.com .

He said that the reserve is adequate to pay import bills for the next seven months.

Forex reserves crossed $22 billion on Aug 7 last year. But it dropped soon after only to touch the mark again on Jan 28 this year.

“When all the economic sectors are being hit by the political turmoil, the news of the reserves touching $22 billion mark is a respite,” central bank Governor Atiur Rahman had told reporters then.

According to Bangladesh Bank figures, remittance inflow was $ 597.9 million in the first two weeks of February.

It touched $8.72 billion in the first seven months (Jul to Jan) of the current 2014-15 fiscal.

http://bdnews24.com/economy/2015/02/26/bangladeshs-forex-reserves-touch-23-billion

[Bengal_Tiger]

Bangladesh's FX reserves hit new record of $23.05 bln at end-March

DHAKA, APRIL 1

(Reuters) - Bangladesh's foreign exchange reserves hit a record $23.05 billon at the end of March, the central bank said on Wednesday, thanks to steady exports and remittances.

The reserves, enough to cover seven months of imports, are nearly 20 higher than at the end of March 2014.

Exports between July and February were $20.31 billion, 2.4 percent higher than a year early as garment sales remained strong even though the pivotal industry has had a string of fatal factory accidents.

Bangladesh received $9.90 billion in remittances from citizens working overseas in July-February, up 7.6 percent from a year earlier.

Garment exports and remittances from Bangladeshis working overseas, two mainstays for the country of 160 million people, have helped build reserves in recent years.

However, renewed political turmoil could cast a pall over the economy, which has grown an average of 6 percent over the last few years.

http://in.reuters.com/article/2015/04/01/bangladesh-reserves-idINL3N0WY2GG20150401