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Bangladesh forex reserves top $32 billon on remittances

Staff Writer |
Bangladesh's foreign exchange reserves crossed the $32 billion mark on a steady inflow of remittances, a senior official of the Bangladesh Bank (BB) said.

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The Bangladesh Bank (BB) Forex Reserve and Treasury Management Department official told Xinhua that "the country's foreign exchange reserves reached a record amount of $32,092.19 million on December 31."

The country's foreign exchange reserves stood at $31.37 billion at the end of November, said the official who declined to be named. Bangladesh's foreign exchange reserves in August last year reached the $31 billion mark for the first time.

The official said foreign exchange reserves continue to rise to hit a record level of $32 billion due mainly to steady inflow of remittances, major source of foreign currency for the country, from millions of Bangladeshis living and working abroad.

Officials said Bangladesh is in a position to pay about 10 months' import bills with the existing reserves, which are also enough to help the central bank's efforts in keeping the foreign exchange market stable.