Bangladesh reserves reach $1.7b

Bangladesh reserves reach $1.7b

DHAKA: Bangladesh's foreign exchange reserves have recovered to US$1.7 billion after sinking to $1.05 billion in January, a central bank source said Monday.

The Bangladesh Bank source said the rise could be attributed mainly to action against the illegal transfer of foreign exchange by expatriate Bangladeshis and the devaluation of the taka currency.

"The reserves are expected to rise further in coming months," he said.

The main source of Bangladesh's foreign exchange earnings are exports, remittances, development funds and loans and grants from donors. -- AFP