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The country’s foreign exchange reserve exceeded the $39-billion mark for the first time on Tuesday as the inflow of remittance remained upward in the first two months of the fiscal year along with gradual improvement in export earnings.
The inflow of remittance posted a 35.93-per cent growth year-on-year in August.
Remittance inflow reached $1.96 billion in August while the figure was $1.44 billion in the same month last year.
In July-August of the current fiscal year 2020-2021, the inflow of remittance increased by 50 per cent to $4.56 billion against $3.04 billion in the same period last year.
In FY20, the inflow of remittance reached record $18.21 billion.
Although the inflow of remittance slowed down slightly in August considering the $2.6-billion inflow in July, the flow of remittance was more than enough to fulfil the import payment requirements of the banks.
In August, Islami Bank Bangladesh brought to the country the highest $598.60 million in remittance among the scheduled banks.
Agrani Bank fetched the second highest, $327.69 million, in remittance and Sonali Bank fetched the third highest, $105.92 million, in remittance in August.
Of the $1.96 billion in remittance, the country’s private commercial banks brought $1.36 billion, state-owned commercial banks $574.17 million and specialised banks brought the rest $27.27 million.
With the increased remittance inflow, the country’s foreign exchange reserve reached $39.04 billion on Tuesday after hitting the $38-billion mark on August 18.
The country’s foreign exchange reserve has soared by $6 billion since June this year.
The country’s reserve reached the $34-billion, $35-billion and $36-billion marks in June and stood at $37-billion mark on July 27.
The country in FY20 saw a significant decline in import payments due to the coronavirus outbreak which dealt heavy blows to the global economy as well as that of the country.
Although the export earnings dropped by 17.1 per cent to $32.83 billion in FY20, the earnings rebounded in July while the import of major industrial inputs is yet to get the momentum.
In July this year, the finance ministry expressed its gratitude to all Bangladeshi migrants living abroad for remitting foreign currency to the country.
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