Mahfuja Mukul: Bangladesh’s foreign exchange reserves have crossed the US$ 46 billion milestone despite the epidemic, relying on remittances sent by expatriates.
At the end of June 29, Bangladesh Bank’s reserves stood at $48.62 billion, more than at any time in the past. This information has been known from Bangladesh Bank sources.
With this reserve of four billion dollars per month, it is possible to meet the import cost of more than 11 months. According to international standards, a country has to have foreign exchange reserves equal to three months’ worth of import costs.
From the beginning of June to the 27th of this month, the expatriates have sent remittances of Tk 165 crore or $20 million. That’s Tk 100 million more than the same month last year (2020). In June 2020, the expatriate income in the country came to $185.9 million. According to the central bank, the country has received $2,456.9 million in remittances since the beginning of the fiscal year (June 26). According to the estimates, the remittance growth rate this year is 36.40 percent higher than the previous year.
According to a central bank official, the expatriates have sent huge amount of remittances ahead of the upcoming Eid (Eid of Sacrifice). Every year before the two Eids, remittance fighters send more remittances than all other months.
Earlier, on Thursday (June 24), the foreign exchange reserves reached $45.59 billion at the end of the day. At the end of the day on June 1 (Tuesday), for the first time, the foreign exchange reserves stood at 45.54 billion dollars. Earlier, on May 3, the foreign exchange reserves stood at $45.10 billion. On February 24, the central bank’s reserves stood at $44.02 billion.
The central bank’s reserves were $43 billion on December 30, 2020, $42 billion on December 15 and $41 billion on October 26.
On the other hand, the reserve has an impact on export earnings. In the first 11 months of this year (July-May), the country earned $35.18 billion from exports, which is 13.64 percent more than the same period last year. In other words, in the 11 months of 2020 (July-May), the export of goods was three thousand 95 crore 91 lakh (30.96 billion) dollars.
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