Bangladesh’s forex reserves reach $32bn

For a growing economy like Bangladesh, forex reserves equivalent to six months’ import bills are considered adequate…reports Asian Lite News

Bangladesh’s foreign exchange reserves reached over $32 billion by the end of February, according to the latest central bank data.

Bangladesh Bank (BB) data showed the country’s foreign exchange reserves stood at $32,333.71 million on February 28 compared with $32,222.6 million on January 31, reports Xinhua news agency.

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 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.

Meanwhile, Bangladesh Foreign Minister A.K. Abdul Momen said on Friday Bangladesh Prime Minister Sheikh Hasina’s “zero tolerance” policy towards terrorism continues to contribute to maintaining peace and stability in the region.

Addressing the G20 Foreign Ministers’ Meeting (G20FMM) in New Delhi, he also briefed his counterparts about Bangladesh’s remarkable progress in the socio-economic sphere under the dynamic leadership of Sheikh Hasina.

The G20 Foreign Ministers’ Meeting was held in New Delhi under India’s presidency with the theme of – “One Earth, One Family, One Future”.

Abdul Momen also met his Indian counterpart Dr. S. Jaishankar and congratulated him on the successful completion of the G20 Foreign Ministers’ Meeting.

Regarding bilateral relations, both Momen and Jaishankar expressed satisfaction at the existing relations between the two countries and discussed various issues of bilateral interest.

The visiting Bangladesh Foreign Minister also held bilateral meetings with his counterparts from Brazil, Mexico, Slovenia, and Sweden. During the meetings, they discussed issues of mutual interest to further deepening bilateral cooperation and exchanged views on the ongoing geopolitical issues and enhancing multilateral cooperation, including in the UN.

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