Forex reserves hit record high

Increase in remittances and steady exports the country’s foreign exchange reserves rose to a record high of $22.07 billion at the end of August.

The figure was $21.38 billion at the end of July. Quoting central bank sources, news agency Reuters on Monday reported that foreign reserves rose from nearly $16.25 billion a year earlier.

The country’s exports in the year to June hit a record $30 billion, boosted by stronger garment sales even though the $24 billion industry has been struck by a string of fatal factory accidents.

Exports, however, fell 1.4 percent in July from a year earlier to $2.98 billion, the first decline since August 2012. Bangladesh received $14.23 billion in remittances from citizens working overseas in the year to June, down 1.6 percent from a year earlier.