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Forex reserves soar to record high of $35.09 billion amid corona

25 Jun 2020 00:08, Somoy English Desk
Forex reserves soar to record high of $35.09 billion amid corona
Forex reserves soar to record high of $35.09 billion amid corona

Amid the coronavirus pandemic, Bangladesh has set a record in foreign exchange reserves. The country's foreign exchange reserves have breached $35 billion mark for the first time.  

The forex reserves with the central bank stood at 35.09 billion on Wednesday, according to sources at Bangladesh Bank (BB). 

In just three weeks, about $86 crore was added to the forex reserves. 

Economists say the increase in reserves is very positive considering the crisis of import costs and the country’s declining ability to repay loans.

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

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

Earlier, the highest record in the country’s foreign exchange reserves with Bangladesh Bank was $34.23 billion on June 3.

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

The government offered the 2 percent incentive to encourage the 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 their 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.

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