Bangladesh's forex reserves rise to over 32 bln USD in February-Xinhua

Bangladesh's forex reserves rise to over 32 bln USD in February

Source: Xinhua| 2023-03-07 00:06:00|Editor: huaxia

DHAKA, March 6 (Xinhua) -- Bangladesh's foreign exchange reserves reached over 32 billion U.S. dollars by the end of February, showed the latest central bank data.

Bangladesh Bank (BB) data showed the country's foreign exchange reserves stood at 32,333.71 million dollars on Feb. 28 compared with 32,222.6 million dollars on Jan. 31.

For a growing economy like Bangladesh, forex reserves equivalent to six months' import bills are considered adequate.

With the existing reserves, however, central bank officials said Bangladesh is in a position to pay over 5 months' import bills.

Bangladesh's foreign exchange reserves hit an all-time high of 48 billion U.S. dollars in August 2021.

In a bid to boost shrinking forex reserves, the central bank has taken various measures, including relaxed rules, to woo more remittances from millions of Bangladeshi people living and working abroad in recent months.