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Monday, April 4, 2016, Chaitra 21, 1422 BS, Jamadius Sani 25, 1437 Hijri

Forex reserves hit record $28.27b
Business Correspondent
Published :Monday, 4 April, 2016,  Time : 12:00 AM  View Count : 99
Country's foreign exchange reserves hit a record $28.27 billion at the end of March, the central bank officials said on Sunday.
They attributed the rise of the reserves to steady exports and a slowing import costs due to falling global commodities prices. The reserves, sufficient to cover eight months' worth of imports, were 22.6 per cent higher than at the same period last year.
Rising garment exports and steady remittances from expatriate workers employed overseas, have helped foreign exchange reserves grow steadily in recent years.
Meanwhile Reuters said in a report: Early this year, the central bank cut its key interest rates by half a percentage point for the first time in nearly three years as cooling inflation gave it more manoeuvring room to help spur growth.
The central bank expects growth to reach 7 per cent in the current financial year that ends in June, picking up from 6.51 percent the previous year.

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