Bangladesh’s forex reserves cross $40 billion-mark for first time

GBNEWS24 DESK//

Bangladesh’s foreign exchange reserves crossed US$40 billion mark for the first time on Thursday (October 10) following lower import payment obligations and higher growth of inward remittances.

The forex reserves rose to $40.10 billion on the day, setting a new record, from $39.80 billion in the previous working day, according to the Bangladesh Bank’s latest data.

“Our forex reserves have crossed the $40 billion-mark for the first time in the history of Bangladesh following lower import payment pressure on the economy and higher inflow of inward remittance in the recent months,” said Kazi Sayedur Rahman, Executive Director of the Bangladesh Bank.

Foreign loans and assistance have also helped push up the forex reserves, according to the central bank.