Forex reserves cross $45 billion Forex Reserve
Sharon McCutcheon/Unsplash Representational Image

Forex reserves cross $45 billion

Bangladesh Live News | @banglalivenews | 04 May 2021, 05:21 pm

Dhaka, May 4: A record number of foreign currencies came into the country even during the coronavirus pandemic. At the end of the day on Monday (May 3), foreign exchange reserves reached USD 45.10 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 February 24 this year, the central bank's reserves had risen to USD 44.02 billion. The central bank's reserves exceeded USD 43 billion on December 30, 2020, USD 42 billion on December 15, and USD 41 billion on October 28.

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

In the month of April, expatriates sent remittances worth USD 2.06 billion, Which is 89.11 percent more than in April, 2020. In April last year, remittances worth USD 1.09 billion had come.

Never before in the history of the country has there been such a huge increase in remittance flow in a single month. In March of the current financial year, remittances came to the country at USD 1.91 billion and in February, remittances of USD 1.70 billion came to the country.

Md. Sirajul Islam, Executive Director and Spokesperson of Bangladesh Bank, said that Eid-ul-Fitr, the biggest religious festival of Muslims, is approaching. Expatriates send more and more remittances before Eid. This time too he did not deviate. Expatriates are sending remittances to the country so that their relatives can celebrate Eid in comfort and the reserve is increasing based on their remittances.

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 of USD 18.2 billion came to the country. In the 2018-19 financial year, remittances to the country came to USD 16.42 billion.