Bangladesh foreign exchange reserves hit record, top $31 bln

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Dhaka | September 5, 2016 5:23 PM

Bangladesh's foreign exchange reserves hit a record $31.16 billion at the end of August, the central bank said on Monday, thanks to steady exports and slower import growth due to falling global commodities prices.

The reserves, sufficient to cover about nine months' worth of imports, are nearly $5 billion higher than in the same period last year. (Reuters)The reserves, sufficient to cover about nine months’ worth of imports, are nearly $5 billion higher than in the same period last year. (Reuters)

Bangladesh’s foreign exchange reserves hit a record $31.16 billion at the end of August, the central bank said on Monday, thanks to steady exports and slower import growth due to falling global commodities prices.

The reserves, sufficient to cover about nine months’ worth of imports, are nearly $5 billion higher than in the same period last year.

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

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