Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 1079 Thu. June 14, 2007  
   
Business


Forex reserve hits $ 4.76b


Foreign exchange reserve hit a new record yesterday when the figure reached $ 4.76 billion, thanks to the increased flow of remittances, good export earning and deposit of World Bank's development support credit.

Bangladesh Bank (BB) officials said they are expecting more than five billion dollars in foreign exchange reserve by the end of the next month. The reserve was $ 3.48 billion on June 30 last year.

The fourth installment of the World Bank's development support credit of $ 200 million was deposited in the central bank yesterday. Meanwhile, export earnings and remittances have been increasing for the last few months.

Export growth during the July-April period of the current fiscal was 18.5 percent while the total export volume of the 10 months stood at $ 9.91 billion against $ 8.36 billion in the corresponding period of last year.

On the other hand, remittance growth was 25.02 percent in 11 months of the current fiscal year reaching $ 5.47 billion. The last fiscal year's total remittance was $ 4.37 billion.

The central bank sources said it is expecting another $ 100 million as education sector support credit from the World Bank and more than $ 100 million from the International Monetary Fund (IMF) as the last installment of Poverty Reduction Growth Facilities loan by the end of this month.

"Besides, we are getting more than $ 500 million in remittance every month from the expatriate Bangladeshis," said a high official of BB.