Forex reserves hit $31.90b

Bangladesh’s foreign currency reserves hit a record US $31.90 billion by the end of October month, Bangladesh Bank (BB) authorities said on Tuesday (November 1).

Central bank officials said the forex reserve is around $4.32 billion higher than that of the same period in 2015.

They said the $31.90 billion reserve is sufficient to cover about nine months’ imports.

Steady exports of readymade garment (RMG), the country’s main foreign currency earning sector, and remittances sent by Bangladeshis working abroad, are the key factors of the forex reserve boost, according to a news agency.