Forex reserves hit $35 billion mark for the first time

Sun Online Desk

24th June, 2020 01:32:06 printer

Forex reserves hit $35 billion mark for the first time

Bangladesh Bank’s foreign currency reserves hit $35 billion mark for the first time in history thanks to surging remittance despite the coronavirus pandemic.

Satisfactory remittance inflow and disbursement of aid by the developing partners drove the foreign exchange reserves up, Bangladesh Bank sources said.

According to the central bank, the country's foreign exchange reserves rose to $35 billion on June 23. On June 3, the reserve crossed $34 billion mark for the first time.

According to the Bangladesh Bank data, from July 1, 2019 to June 10, 2020, the expatriates sent $17.06 billion, thanks to the government budget declaration of 2 percent incentive.

In 2018-19 fiscal year, the country received $16.41 billion remittance and the figure was $14.98 billion in 2017-18. For the first time, the country's remittance inflow crossed $17 billion mark in a fiscal year despite a recent fall for the Covid-19 pandemic.

Currently, there are over 10.02 million Bangladeshis working in 174 countries across the world. In 2019-20, Prime Minister Sheikh Hasina announced 2 percent incentive on money remitted by the expatriate Bangladeshis.

The objectives were to mitigate the burden of increased expenses in sending foreign remittance through legal channels.