Forex reserve now $5.74b
Wednesday, 15 October 2008
FE Report
The country's foreign exchange reserve increased by US$139 million to US$ 5.724 billion Tuesday over the previous day as a result of gains from foreign exchange holdings abroad.
The central bank received around $50 million as valuation gain on account of its foreign currencies holdings abroad and over $80 million deposited to its clearing accounts by the commercial banks on the day, officials said.
Local commercial banks have been advised to transfer foreign exchange from troubled overseas banks in the event of global financial crisis.
"The foreign exchange reserve stood at $5.724 billion by the end of the day from $5.585 billion of the pervious working day," a Bangladesh Bank (BB) senior official told the FE.
He also said the country's foreign exchange reserve may reach $5.80 billion by the end of this month.
Deposit of the US currency has been increasing gradually in the BB's clearing accounts after the commercial banks were advised to transfer most part of their foreign currency holdings from overseas banks to its accounts.
Earlier, the BB advised senior executives of some local commercial banks to shift their hard earned foreign currencies from troubled global banks.
Currently, the local commercial banks have around US$500 million in NOSTRO accounts with the foreign banks operating outside Bangladesh.
Meanwhile, some local commercial banks have already shifted their foreign currencies from the NOSTRO accounts with foreign commercial banks operating globally to the clearing account of the BB to avoid any possible risk in the near future.
On Wednesday last, high officials of the central bank reviewed the overall global financial situation with a view to taking necessary measures to avoid any undesirable situation.
The country's foreign exchange reserve increased by US$139 million to US$ 5.724 billion Tuesday over the previous day as a result of gains from foreign exchange holdings abroad.
The central bank received around $50 million as valuation gain on account of its foreign currencies holdings abroad and over $80 million deposited to its clearing accounts by the commercial banks on the day, officials said.
Local commercial banks have been advised to transfer foreign exchange from troubled overseas banks in the event of global financial crisis.
"The foreign exchange reserve stood at $5.724 billion by the end of the day from $5.585 billion of the pervious working day," a Bangladesh Bank (BB) senior official told the FE.
He also said the country's foreign exchange reserve may reach $5.80 billion by the end of this month.
Deposit of the US currency has been increasing gradually in the BB's clearing accounts after the commercial banks were advised to transfer most part of their foreign currency holdings from overseas banks to its accounts.
Earlier, the BB advised senior executives of some local commercial banks to shift their hard earned foreign currencies from troubled global banks.
Currently, the local commercial banks have around US$500 million in NOSTRO accounts with the foreign banks operating outside Bangladesh.
Meanwhile, some local commercial banks have already shifted their foreign currencies from the NOSTRO accounts with foreign commercial banks operating globally to the clearing account of the BB to avoid any possible risk in the near future.
On Wednesday last, high officials of the central bank reviewed the overall global financial situation with a view to taking necessary measures to avoid any undesirable situation.