Forex reserve hits record high over $44b

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Published on February 25, 2021
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The country's foreign exchange reserves today hit a new record of $44.02 billion thanks to the upward trend of remittance and lower import payments, Bangladesh Bank data showed.

The reserves, one of the major macroeconomic indicators of an economy, touched the $41 billion mark on October 28 and rose to $42 billion on December 15 and $43 billion in December 30 last year.

Between July and January this fiscal year, the country received $14.9 billion in remittance, up 34.95 percent a year ago, BB data showed.

Remittance stood at $1.49 billion in the first 23 days of February in contrast to $1.24 billion in the same period a year ago.

Remittance has played a vital role in boosting the foreign exchange reserves amid the ongoing coronavirus pandemic, a Bangladesh Bank official said, adding that dwindling import has also helped widen the reserve.

 Imports decreased 6.8 percent year-on-year to $25.22 billion in the first half of this fiscal year.