Foreign exchange reserve soared to a new high at $26.38 billion at the end of September, driven mainly by higher remittance inflow to the country before Eid-ul-Azha.
Bangladesh Bank (BB) data shows that the reserve reached $26379.04 million (nearly $26.38 billion) on September 30 from $21836.66 million ($21.84 billion) a year ago in September 2014. The year-on-year increase was $4542.38 million (over $4.54 billion) or more than 17.0 per cent.
The current reserve is the second highest among the countries in SAARC region, according to the BB. The central bank data also showed that the remittance inflow to the country rebounded in September, with 2.64 per cent rise over the amount that the expatriate Bangladeshis sent home in August.
The country received $1.22 billion till September 25 over $1.19 billion of August. The remittance in August fell from July's $1.38 billion, but the inflow started rising in September, with overseas Bangladeshi people sending home more money for Eid-ul-Azha.
Besides the rising trend in remittance, the steady export growth and the fall in import cost also contributed to the historical high reserve position, which is well enough to meet the country's seven months' import requirements, the official said.
The export rose by nearly 28.0 per cent to $2.75 billion in August when import was in down trend after showing over 3.0 per cent fall in July.