Forex reserve crosses record $44b

The country’s foreign exchange reserves on Wednesday touched a new record of over US $44.02 billion thanks to the upward trend of remittance, reports BSS.

The reserves, one of the major macroeconomic indicators of an economy, touched the $41 billion mark on 28 October and rose to $42 billion on 15 December and $43 billion in 30 December last year.

Between July and January this fiscal year, the country received $14.9 billion in remittance, up 34.95 per cent a year ago, the central bank data showed.

Remittance stood at $1.49 billion in the first 23 days of February in contrast to $1.24 billion in the same period a year ago.

Remittance has played a vital role in boosting the foreign exchange reserves amid the ongoing coronavirus pandemic, a Bangladesh Bank official said, adding that dwindling import has also helped widen the reserve.