Bangladesh’s foreign exchange reserves top $25 billion mark.

[masud]

The reserves touched $25.02 billion on Thursday, Bangladesh Bank General Manager Kazi Saidur Rahman told bdnews24.com.

“The foreign exchange (reserves) is in a strong situation due to a stable growth in export earnings and remittance”, said Rahman, who heads the central bank’s Forex Reserve and Treasury Management Division.

The reserves were enough to pay import bills for seven months, he added.

According to Bangladesh Bank statistics, forex reserves were $21.32 billion on June 24 last year.

For the first time in history, the reserves crossed the $23 billion mark on Feb 26 this year.

But, the figure dropped to $22 billion after the central bank cleared import bills for January-February period amounting $1.01 billion to Asian Clearing Union (ACU) in the first week of March.

The reserves again crossed $23 billion on Mar 30 and exceeded $24 billion on Apr 29.

Rahman said $25 billion forex reserves would remain until the first week of July, when the import bills for May-June period would be paid to ACU.

BB data shows Bangladeshi expatriates remitted some $970 million in the first 19 days of the month (from June 1 to June 19).

The total remittance inflow in the first 11 months of the 2014-15 fiscal is around $13.87 billion, 7.21 percent higher than the same period of the previous year.

According to Export Promotion Bureau (EPB), export earnings in the July-May period of the current FY posted a 2.08 percent growth over the previous corresponding period to reach $28.14 billion.

On Dec 10, 2009, the forex reserves were $10 billion before they crossed $15 billion in April 2013.
Forex reserve crosses record $25b mark | FIRST PAGE | The Financialexpress-bd
Bangladesh’s foreign exchange reserves top $25 billion mark -
bdnews24.com

 

[HariPrasad]

Congrats to Bangladesh!!!!!!!

 

[Ryuzaki]

Wow Bangladesh is fast overtaking Pak

 

[masud]

Congrats to Bangladesh!!!!!!!

thank,s..........

 

[de_xtr]

Wow Bangladesh is fast overtaking Pak

Bangladesh has already overtaken Pakistan. As per April 2015, Bangladesh's forex reserve stands at $ 24 billion, while Pakistan's is at $ 16 billion.
But Pakistan has a bigger military than Bangladesh.

 

[masud]

Wow Bangladesh is fast overtaking Pak

no brother we are not interasted to compare any other country, we are interested to develop our OWN COUNTRY. WE NEED TO WORK HARD...............

 

[utraash]

Congrats BD...

 

[masud]

Congrats BD...

THANK,S BROTHER, INDIA should incrase business with bangladesh. it will hep both country...........
Garment makers seek to build warehouses in India | The Daily Star

Message from BGMEA President

It is my great pleasure to announce that Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Indian High Commission, Dhaka are going to organize a single-country trade fair from June 12-13 at BGMEA Complex. I hope the Bangladesh-India Fair for Garment Export will play an important role in building a strong bridge between Bangladeshi garment manufacturers and Indian apparel buyers. On behalf of all Members and the Board of BGMEA, I would like to welcome all interested garment manufacturers and buyers from Bangladesh and India to the fair.

India is a promising market for Bangladeshi apparels as we have duty-free access to it. So a great opportunity lies ahead for us to boost our RMG exports to the Indian market while Indian apparel buyers could reap business benefits by sourcing garments at competitive prices from our country. To grab the opportunity we need to create a perfect platform to facilitate increased business interaction between our garment manufacturers and exporters and the Indian apparel buyers. No event could be more effective than a trade fair in creating such a platform where Bangladeshi garment makers will have the opportunity to showcase the apparel of the most recent trend and style while the Indian buyers will have first-hand glimpse of our quality garments that we offer at very competitive prices. Besides, the exhibition will provide a unique networking platform to the business houses and individuals of both countries to have a one-to-one meeting point, which is seen as a perfect cost effective means for achieving trade objectives.

Bangladesh garment industry has witnessed a phenomenal growth over the last three decades. The industry is growing bigger day by day. To sustain the growth we need to diversify our apparel market across the world. I hope theBangladesh-India Fair for Garment Export willservethis purpose to a great extent and help expand our apparel market in India.

I wish the trade fair a great success.

Md Atiqul Islam
President, BGMEA

 

[damiendehorn]

We should do better in the coming years, lots of infa projects are in the works, and there is a momentum thats going to see Bangladesh as a major export orientated economy.

Main exports are RMGs now with roughly $25bn of the $35bn total. RMGs should reach at least $40bn in the next 5 years and local leather, light enginering, white goods, electronics, automotives, shipbuilding, pharma, agro, ICT and services etc exports rising fast...I expect total exports to double by the end of 2020.

If the EPZs expand at the rate they are doing, and we see the expected surge in FDI due to shift in production from China and Korea to Bangladesh, the exports will rise at an even faster pace.

What could hold back exports are, political instability, negative government policies ie red tape, lack of transport ifa and power supply.

 

[utraash]

THANK,S BROTHER, INDIA should incrase business with bangladesh. it will hep both country...........
Garment makers seek to build warehouses in India | The Daily Star

Message from BGMEA President

It is my great pleasure to announce that Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Indian High Commission, Dhaka are going to organize a single-country trade fair from June 12-13 at BGMEA Complex. I hope the Bangladesh-India Fair for Garment Export will play an important role in building a strong bridge between Bangladeshi garment manufacturers and Indian apparel buyers. On behalf of all Members and the Board of BGMEA, I would like to welcome all interested garment manufacturers and buyers from Bangladesh and India to the fair.

India is a promising market for Bangladeshi apparels as we have duty-free access to it. So a great opportunity lies ahead for us to boost our RMG exports to the Indian market while Indian apparel buyers could reap business benefits by sourcing garments at competitive prices from our country. To grab the opportunity we need to create a perfect platform to facilitate increased business interaction between our garment manufacturers and exporters and the Indian apparel buyers. No event could be more effective than a trade fair in creating such a platform where Bangladeshi garment makers will have the opportunity to showcase the apparel of the most recent trend and style while the Indian buyers will have first-hand glimpse of our quality garments that we offer at very competitive prices. Besides, the exhibition will provide a unique networking platform to the business houses and individuals of both countries to have a one-to-one meeting point, which is seen as a perfect cost effective means for achieving trade objectives.

Bangladesh garment industry has witnessed a phenomenal growth over the last three decades. The industry is growing bigger day by day. To sustain the growth we need to diversify our apparel market across the world. I hope theBangladesh-India Fair for Garment Export willservethis purpose to a great extent and help expand our apparel market in India.

I wish the trade fair a great success.

Md Atiqul Islam
President, BGMEA

Indeed we must....

 

[TopCat]

What could hold back exports are, political instability, negative government policies ie red tape, lack of transport ifa and power supply.

It only the land which is the biggest obstacle for FDI... But I am happy to see less FDI. FDI destroys the backbone of a country.

 

[Arko]

It only the land which is the biggest obstacle for FDI... But I am happy to see less FDI. FDI destroys the backbone of a country.

I would like to hear some insights

I do beg to differ ... For developing countries with low technological know-how and even less capital available for investment, FDI is the only resort. It is true that FDI will mean foreign control over the local economy, just like the East India Company, but it also helps the local economy build the backbone I believe you were talking about . We can surely build our economy around that backbone afterwards ... but for now ... I believe we should concentrate upon building our backbone first

Back on the news ... I fear we might be having too much foreign reserves in a few years time. Perhaps it would be better spent on development projects, instead of lying around in foreign banks and as gold deposits.

 

[UKBengali]

I would like to hear some insights

I do beg to differ ... For developing countries with low technological know-how and even less capital available for investment, FDI is the only resort. It is true that FDI will mean foreign control over the local economy, just like the East India Company, but it also helps the local economy build the backbone I believe you were talking about . We can surely build our economy around that backbone afterwards ... but for now ... I believe we should concentrate upon building our backbone first

Back on the news ... I fear we might be having too much foreign reserves in a few years time. Perhaps it would be better spent on development projects, instead of lying around in foreign banks and as gold deposits.

BD is already using foreign reserves for the Padma bridge.

 

[Audio]

Nice.....you're just in time to bankroll Greece! Greek taka sounds great!

 

[Arko]

BD is already using foreign reserves for the Padma bridge.

Yup ... Agrani Bank is arranging the foreign currency for the project and has so far cleared some USD 300 mil from the central bank for import of materials from abroad. Its just a start ... i hope more projects like this get implemented