Bangladesh forex reserve hits record $34.23 billion

Staff Correspondent | Published: 11:14, Jun 04,2020 | Updated: 11:16, Jun 04,2020


The country’s foreign exchange reserve has surpassed $34 billion mark for the first time mainly due to the surge in remittance earnings in May.
According to Bangladesh Bank data, the country's foreign exchange reserves rose to $34.23 billion on Wednesday.
Earlier, the previous highest reserves were recorded on September 5 in 2017- the amount was $33.68 billion, according to Bangladesh Bank data.
Although the country’s export earnings and import payments dropped in recent months, the trade deficit narrowed down during the July-March period of the current fiscal year.
In the first nine months of the current fiscal year, the country’s trade deficit dropped by 1.01 per cent to $12.07 billion.
On the other hand, during July-May of the current fiscal year 2019-2020, total remittance stood at $16.5billion, which was 10 per cent higher than the amount of the same period of the previous fiscal year.
The country’s remittance earnings in May increased to four months high to $1.5 billion on the eve of Eid-ul-Fitr.

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