Bangladesh’s foreign exchange reserves hit a record $27.49 billion at the end of December, the central bank said on Sunday, fuelled by steady exports and remittances.

The slower pace of import growth, on the back of a fall in global commodities prices, also helped boost reserves about 23 percent over the corresponding period of last year.

The reserves are sufficient to cover seven months of imports.

Bangladesh’s exports in July-November, the first five months of the current financial year, rose 6.7 percent from a year earlier to $12.88 billion, led by strong garment sales even though the key industry has suffered a string of fatal factory accidents.

Garment exports and remittances from Bangladeshis working overseas — two mainstay revenue generators for the country of 160 million people — have helped foreign exchange reserves grow steadily in recent years.