Forex reservs stand at $32.97b

Forex reserves stand at $32.97b
Bangladesh's foreign exchange reserves stood at US$32.97
billion on April 12, according to the Bangladesh Bank (BB)
latest data, reports BSS. The reserves are sufficient to cover
imports of about nine months. On March 29, 2018, reserves
were $32.40 billion. The latest figure was $0.57 billion more
than the figure of 29 March, 2018 and $0.68 billion above the
11 April, 2017 figure. Steady garment exports and remittances
from Bangladeshis working abroad have helped build reserves
in the recent years. Expatriate Bangladeshis sent $10,761.29
million remittance in the first nine months of the current fiscal
2017-18, which is 17.04 per cent higher than the amount
received in the corresponding period of the preceding fiscal.
According to the central bank, the country received $9,194.59
million remittance during July-March period of 2016-17
financial year. Meanwhile, expatriate Bangladeshis sent US
$10,761.29 million remittance in the first nine months of the
current fiscal 2017-18, which is 17.04 per cent higher than the
amount received in the corresponding period of the preceding
fiscal. According to Bangladesh Bank (BB), the country
received $9,194.59 million remittance during July-March
period of 2016-17 financial year. "The flow of remittances into
the country rebounded in the current fiscal 2017-18 as BB took
some measures to streamline the legal channel for
encouraging the Non-Resident Bangladeshis (NRBs) to send
money," BB Deputy Governor Abu Hena Mohammad Razee
Hassan said recently. Earlier, he said, some NRBs used
informal channels, including mobile banking, for sending their
money home. In the recent time, the use of informal channel
has been reduced due to increasing the monitoring activities
of the central bank and law enforces agencies over the illegal
channel, he added. He said mobile financial service providers,
including bKash, are also playing a vital role to stop the illegal
channel. The BB deputy governor hoped that the inflow of
remittance will be increased in the upcoming months as the
Eid-ul-Fitr, the biggest festival of Muslim, is coming.
According to the BB data, the country received 1,300.46
million in March, $1,149 million in February, $1,379.79 million
in January, $1,163.82 million in December, $1,214.75 million
in November, $1162.77 million in October, $856.87 million in
September, $1,418.58 million in August and $1,115.57 million
in July in 2017-18 fiscal. But in 2016-17, the country received
$1,077.52 million in March, $940.75 million in February,
1,009.47 million in January, $958.73 million in December,
$951.37 million in November, $1,010.99 million in October,
$1,056.64 million in September, $1,183.61 million in August
and $1,005.51 million in July. In March this year, six state-
owned commercial banks- Agrani, Janata, Rupali, Sonali, Basic
and BDBL- received $315.79 million while one state-owned
specialised bank, Bangladesh Krishi Bank, received $11.34
million. Of the state-owned banks, Agrani Bank received
$125.55 million, Janata Bank $77.17 million, Rupali Bank
$14.21 million, Sonali Bank $98.46 million and Basic Bank
$0.40 million. Besides, the expatriates have sent $13.82
million through foreign commercial banks. Among the private
commercial banks, Islami Bank Bangladesh Limited (IBBL)
received the highest amount of $282.56 million as Dutch-
Bangla Bank (DBBL) received $73.84 million. Mutual Trust
Bank Limited (MTBL) Managing Director Anis A Khan said the
inflow of remittance is increasing day by day as the authorities
concerned, including banks, are accelerating their activities to
bring back the remittances through the legal channel. "We are
trying to make easier the process of legal channels to expedite
the remittance flow. We are signing agreements with different
exchange houses to bring the remittances in automated ways,"
he added.