Forex reserves cross record $48 billion mark

The country's foreign exchange reserves witnessed a new record crossing the $48 billion mark following the $1.45 billion financial assistance from the International Monetary Fund (IMF).

In addition to remittances sent by expatriates, the IMF aid mainly contributed to the surge in forex reserves.

Foreign exchange reserves in Bangladesh have reached new heights due to the positive trend of remittances sent by expatriates and the addition of loan assistance from the IMF, said a Bangladesh Bank official.

By international standards, a country has to have reserves equal to three months of import expenditure. With the amount of reserves that Bangladesh has now, it is possible to pay the import cost for more than 8 months at the rate of $6 billion per month.

The reserve crossed the $46 billion-mark on 28 June while $45.01 billion-mark on 3 May and crossed the $44 billion mark on 24 February this year and touched the $40 billion-mark on October 28 last year.