New record of foreign reserves
Bangladesh Bank's foreign exchange reserves have reached new heights even in the midst of the global pandemic. Reserves exceeded 48 billion on Tuesday (August 24).
Bangladesh Bank Deputy Governor Kazi Saidur Rahman confirmed the information.
He said Bangladesh Bank's foreign exchange reserves have surpassed 48 billion as the positive trend of remittances from expatriates continues and 1.45 billion in loan assistance from the International Monetary Fund (IMF) has been added.
Earlier, the highest record for this foreign exchange reserve was 47 billion.
Announcing the monetary policy for the current financial year on July 29, Bangladesh Bank Governor Fazle Kabir projected in his written statement that the foreign exchange reserves would increase to 52 billion in the current financial year even if the economic recovery is hampered by various regulatory restrictions including corona infection.
Meanwhile, Bangladesh Bank sources said that according to international standards, a country has to have at least three months' worth of foreign exchange reserves to meet import costs. With the current reserve of Bangladesh Bank, it is possible to pay the import cost for at least 12 months. This reserve of foreign exchange can cover 12 months of import expenditure as three and a half to four billion dollars per month.