Bangladesh forex reserves rise.DHAKA, Feb. 23 Kyodo Bangladeshi foreign currency reserves rose above $1.5 billion this week following rescue measures, officials said Friday. The reserves had dropped close to $1.2 billion in November when Bangladesh Bank Bangladesh Bank is the Central bank of Bangladesh. History After the liberation war, and the eventual independence of Bangladesh, the Government of Bangladesh reorganized the Dhaka branch of the State Bank of Pakistan as the central bank of the country, and named it , the central bank, suffered pressure from routine overseas payments and import bills. Bangladesh Bank's vigorous campaign to curb illegal transfer of funds and encourage remittances
Remittances are transfers of money by foreign workers to their home countries. through banking channel, steps to discourage less-important imports and ensure maximum repatriation Repatriation The process of converting a foreign currency into the currency of one's own country. Notes: If you are American, converting British Pounds back to U.S. dollars is an example of repatriation. of export money are among the reasons that helped the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. , officials said. Although the reserve position still is lower than the average three-month import bill, ''It's relatively comfortable compared to the previous position,'' a central bank official said. The foreign currency reserves slumped to record low in November last year and took an upturn from December. The reserves were at $1.35 billion on Dec. 7. Facing tremendous pressures from a poor balance of payments, the central bank took frantic bailout bailout The financial rescue of a faltering business or other organization. Government guarantees for loans made to Chrysler Corporation constituted a bailout. measures to prop up the reserves. |
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