Forex reserves cross $27b

Foreign exchange reserves yesterday crossed the $27 billion mark for the first time, egged on by a drop in global commodity prices, stable exports and a steady inflow of remittances.

The reserves, which stood at $27.06 billion, are 21.5 percent higher year-on-year, and are enough to cover the country's imports for approximately eight months, Bangladesh Bank said in a statement.

Rising garment exports and inward remittances are the two main foreign currency earners for Bangladesh.

Lower import of raw materials due to improved backward linkages, and less import of food for better local production also helped cut import bills to boost the forex reserves, it said.