Forex reserves cross $45.5 billion Forex Reserve
Pepi Stojanovski/Unsplash Representational Image

Forex reserves cross $45.5 billion

Bangladesh Live News | @banglalivenews | 02 Jun 2021, 12:55 pm

Dhaka, June 2: A record amount of remittances have arrived in the country amid the global coronavirus pandemic. At the end of the day on Tuesday (June 1), foreign exchange reserves reached USD 45.54 billion for the first time. With this reserve of the central bank, the import cost of the next 12 months can be met.

Earlier, on May 3 this year, the foreign exchange reserves stood at USD 45.10 billion for the first time.

On February 24, the central bank's reserves stood at USD 44.02 billion. On December 30, 2020, the central bank's reserves were USD 43 billion, on December 15 it was USD 42 billion and on October 28 it was USD 41 billion.

By international standards, a country must have at least three months' worth of foreign exchange reserves to cover import costs.

In May, remittances to the country reached USD 2,171 million, up 666 million from the same period last year (2020).

In May last year, remittances worth USD 1,505 million dollars came to the country.

In April this year, remittances sent by expatriates amounted to USD 2.06 billion, up 89.11 percent from the same period last year (2020).

In April last year, remittances amounted to USD 1.09 billion.

According to the Central Bank, remittances have crossed the USD 20 billion milestone in the first 10 months of the current fiscal year (2020-21).

Never before has there been so much remittance in any financial year. In the last 2019-20 financial year, remittances worth USD 18.2 billion came to the country. In the 2018-19 financial year, remittances to the country amounted to USD 16.42 billion.