Update September 1, 2020

Dhaka 2-42 pm, 28-September, 2020

Forex reserves hit record high over $39 billion

Mirajul Moin Joy

The country’s foreign exchange reserves has touched a new record of US$39.04 billion amid coronavirus crisis.

The inflow of remittance and aid of the development partners added to raise the foreign exchange reserve to 39.04 billion, a senior official of the Bangladesh Bank told BSS today.

Earlier, the previous highest reserves amounting $37.18 billion were recorded on July 29 this year.

The official said remittance is the key driver to raise the reserve to the highest point.

In the fiscal year 2019-20, inbound remittance registered 10.87 percent growth to $18.21 billion, thanks to the 2 percent incentive scheme of the government.

Bangladeshi migrant workers have sent home a record amount of remittance in July this fiscal 2020-21. They sent back $2.6 billion inward remittances in the first month of the new fiscal year, a new monthly record.

The amount is around 63 higher than in July 2019.

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