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Forex reserves up 441% in the last 10 years

  • Published at 02:34 am September 20th, 2018
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Bangladesh Bank's data shows that increasing remittance and exports have contributed to higher Forex Bigstock

According to Bangladesh Bank (BB) data, foreign exchange reserves stood at US$32.94 billion in fiscal 2017-18, which was $7.47 billion in fiscal 2008-09

Bangladesh’s foreign exchange reserve increased 4.41 times in the last 10 years from fiscal 2008-09 to 2017-18, riding on the steady rise of garment exports and inflow of remittances.

According to Bangladesh Bank (BB) data, foreign exchange reserves stood at US$32.94 billion in fiscal 2017-18, which was $7.47 billion in fiscal 2008-09.

“Increasing remittances sent by expatriates abroad and rising export incomes have boosted Bangladesh’s reserves,” Bangladesh Bank Chief Spokesperson M Serajul Islam told BSS.

According to BB’s major monthly economic indicators for August, the gross foreign exchange reserve of BB stood at $32.93 billion and the current foreign exchange reserve is equivalent to an import liability of 6.41 months.

The BB data also shows that the growth of the foreign exchange reserve was upward from fiscal 2008-09 onwards. But in 2017-18, the growth dropped slightly due to a declining trend in remittances.

The reserve was $33.49 billion in fiscal 2016-17, $30.17 billion in 2015-16, $25.03 billion in 2014-15, $21.56 billion in 2013-14, $15.32 billion in 2012-13, 10.36 billion in 2011-12, $10.91 billion in 2010-11 and 10.75 billion in 2009-10.

Over the last 10 years, remittance flow into the country has increased 3.56 times, which can be viewed as a milestone on the path to upgrading Bangladesh to a developed country.

Bangladeshi expatriates sent $131.86 billion between fiscal 2008-09 and 2017-18. This was $94.82 billion higher than the sum total of incoming remittances over the 10 years previous to that.

Non-Resident Bangladeshis (NRBs) sent around $37.04 billion from fiscal 1998-99 to fiscal 2007-08.

Bangladesh Bank Deputy Governor, Abu Hena Mohammad Razee Hassan, said that due to different steps taken by the government and the central bank,  remittance inflows in the last couple of years showed an upward trend.

He also said the number of Bangladeshis working abroad has gradually been increasing since the government has taken various steps to send skilled workers abroad.

He said the process of sending money into the country has become easier than before as the central bank and the government have provided all sorts of policy support to the banks and exchange houses, enabling smooth services for remittance senders.

In fiscal 2017-18, export earnings were at US$ 40.94 billion against a target of $41 billion. The growth in goods exported was 6.36% ,while the service sectorgrew 7.43% . Overall export growth was 6.47%. 

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