DHAKA: Country's foreign currency reserves have crossed the $23 billion mark for the first time, an indicator of how strong the country has grown on the economic and financial fronts.

The reserves have crossed the new milestone as the amount is the highest in Bangladesh's history, said an official of Bangladesh Bank.

Bangladesh Bank (BB) Deputy Governor Naznin Sultana confirmed the matter, adding that the reserves at Bangladesh Bank topped $23-billion mark on Thursday afternoon.

The country’s foreign currency reserves increased as a result of continuity the flow of inward remittances from Bangladeshi expatriates and rising of export earnings, she added.

The record reserves indicate that the economy is on right track.

She said it indicates that indicators of country’s economy are in a good shape. Growth remains stable above six percent for long time. Inflation rate is also showing down trend.

 It will be possible to pay import bills for six months with the reserved money, she added.

The BB Deputy Governor said, “We have taken steps that ensure remittances to flow in the right way. Banks have been instructed to provide fast the remittance money to the customers”

Transparency has been ensured in the export and import sectors through proper monitoring which played a pivotal role in boosting reserve, she added.

BDST: 2003 HRS, FEB 26, 2015