Bangladesh’s forex reserves reach historic high of $45.5billion

GBNEWS24 DESK//

Bangladesh’s foreign currency reserves have crosses the $45.5 billion mark for the first time following an increase in remittances sent by the expatriates.

The reserves reached the milestone on Tuesday, Bangladesh Bank sources said.

It means the country can pay import expenses of more than 12 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.

After Eid-ul-Fitr, they sent a $171 million in May, which was 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.