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Forex reserves hit new high

Foreign currency reserves reached a new high yesterday, hitting $22.46 billion on the back of resurgence in exports in the past couple of months.

Last month, exports raked in $2.84 billion, up 4.41 percent year-on-year, according to an official from the commerce ministry, whose sub-division Export Promotion Bureau logs in export data. Exports raked in $2.42 billion in November last year.

December’s figure takes the total export earnings in the first half of fiscal 2014-15 to $14.91 billion, a slight improvement of 1.56 percent over the previous year, the official added.

Meanwhile, the surging reserves will take a hit today: some $900 million will be paid to Asian Clearing Union as import liabilities, as per a Bangladesh Bank official.

There was a rush of imports last month, particularly for Padma bridge construction, he said.

“Even then, the reserves were at satisfactory level. The forex market is very liquid now. There is no supply side problem,” the official said, quashing fears of a greenback shortage. On December 30, reserves hit $22.30 billion, a record until now.

If the trend continues, seeing the steady inflow of remittance, BB might soon have to resume its purchase of greenbacks in the interbank market, he added.

Inward remittance grew at double-digit rates in the first half of fiscal year to $7.47 billion. Some $1.26 billion was sent in last month by migrant workers, according to BB’s latest data.

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Source: Daily Star

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