Wednesday, June 24th, 2020

Bangladesh forex reserves hits record $35billion amid coronavirus

Published 10:17 pm | June 24, 2020

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Online desk ; The country’s foreign exchange reserve reached to all-time high at $35.09 billion on Tuesday amid falling import payments and moderate inflow of remittance.
The reserve hit new record on June 23 in just 20 days of hitting $34 billion mark on June 3, this year.

Bangladesh Bank spokesperson and executive director Md Serajul Islam confirmed the matter to Daily Observer Online on Wednesday.

“It’s mainly because of the steady remittance inflow in June that has taken the country’s reserve to $35 billion mark,” Serajul said.

He said the fall in import payment, especially the luxurious items, has helped attaining the record reserves of foreign currency.

Besides, the government has received a number of credit payments from the overseas lenders to tackle the coronavirus pandemic that also contributed to the increase in foreign exchange reserve.

Earlier, the previous highest reserves, $33.68 billion, were recorded on September 5 in 2017, according to Bangladesh Bank data.

Experts, however, said that the landmark reserve would not bring positive results unless utilised properly. The country’s trade and business have been going through critical time amid the rising trend of coronavirus cases, which hit the country’s economy hard, they said.

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