Bangladesh’s forex reserves cross $45 billion to hit another historic high

Bangladesh’s foreign currency reserves have breached the $45 billion mark for the first time following an uptick in remittances sent by the expatriates.

Published : 3 May 2021, 07:33 PM
Updated : 3 May 2021, 07:33 PM

The reserves reached the milestone on Monday, said Bangladesh Bank’s spokesman Serajul Islam said.

It means the country can pay import costs of more than 11 months with the reserves.

The foreign exchange reserves jumped by nearly $12 billion in a year as the Bangladeshi migrants continued sending money amid the coronavirus pandemic.

Ahead of Eid-ul-Fitr, they sent a little more than $2 billion in April, a 89 percent year-on-year rise.

Bangladesh received $2.6 billion in remittances in July last year, the highest for a month.

In the first 10 months of the fiscal year, from July to April, the expatriates sent $20.67 billion.

Export earnings also fed the reserves. Bangladesh exported goods worth $32.7 billion in the July-April period with a 8.74 percent year-on-year growth.