Bangladesh forex reserves cross $36b

Within a week, Bangladesh’s foreign exchange reserve has witnessed a new record crossing $36 billion mark for the first time, reports UNB.

According to Bangladesh Bank officials, the forex reserves stood at $36.14 billion on 30 June.

Earlier, the highest record in the country’s foreign exchange reserves with Bangladesh Bank was $35.09 billion on 24 June.

Last Wednesday, it was $35.09 billion which was also previous record.

The central bank officials said the remittance also set another record as the expatriate Bangladeshis sent highest amount of remittance of $1.832 billion in June. Normally, every month the country receives about $1.6 billion.

The central bank officials said the recent enhancement in the inflow of remittance from the expatriate Bangladeshis in recent days has resulted in the new record.

Foreign loans and financial assistance from different multilateral donor agencies like World Bank, ADB and JICA also helped take the reserve to a significant level.

BB officials said the remittance inflow got a momentum following the announcement of 2 per cent incentives by the government in June last year in the national budget.

The government offered the 2 per cent incentive to encourage expatriates to send remittance through official channels.

As a result, the average monthly remittance income increased to $1.6 billion from $1.2 billion. After the start of the coronavirus outbreak, the remittance inflow was slowed down in March and April.

But it again showed an increase in May, said a BB official.