6:23 am - Monday May 1, 2017

Forex reserves hit record $ 18.07b in December

The forex reserves of the country rose to a record $18.07 billion at the end of December from $17.11 billion in November, the central bank said on Wednesday, thanks to rising garment exports.

The reserves are enough to cover six months of imports, and were up from $12.75 billion a year earlier.

Rising exports, a slow pace of imports and steady remittances from Bangladeshis working overseas have helped build reserves, the central bank said.

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Bangladesh’s exports from July to November, the first five months of the financial year, rose an annual 18 percent to $11.96 billion, boosted by stronger clothing sales, figures from an export body showed last month.

However, the $22 billion garment export industry, which supplies many Western brands, has come under scrutiny after a string of incidents, including the collapse of a building housing factories in April 2013 that killed more than 1,130 people.

-Reuters.


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