Bangladesh foreign exchange reserves hit record high in January

Bangladesh’s foreign exchange reserves rose to a record $18.12 billion at the end of January from $18.07 billion a month earlier, the central bank said on Monday.
The higher reserves, which stem from a widening current-account surplus, are enough to cover six months of imports. At the end of January 2013, reserves totalled $13.1 billion.
Rising exports and a slowing of imports have helped build the reserves despite a drop in inward remittances as number of Bangladeshis going abroad to work in the Middle East has declined.

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Robust rise in remittances, exports take Bangladesh’s forex reserve to all time high

Propelled by impressive growths in merchandize export and inward remittances ahead one of the biggest Muslim religious festivals, Bangladesh’s foreign exchange
reserve hit a new high of 12 billion U.S. dollars, said the central bank Sunday.
Bangladesh Bank (BB) also attributed the robust rise in foreign currency reserves to the slump in import bills and more timely export encashment deals.

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