Industry

Forex reserve hits record high over $44b

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

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

Between July and January this fiscal year, the country received $14.9 billion in remittance, up 34.95 percent a year ago, BB 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.

 

Source: Bangladesh Sangbad Sangstha (BSS)