Bangladesh’s forex reserves cross record $46bn

Bangladesh’s foreign exchange (forex) reserve crossed the $46 billion-mark for the first time in the country’s history riding on buoyant inflow of remittances and low import payments.

According to the latest Bangladesh Bank data released on Tuesday, the country’s forex reserve stood at $46.08 billion as of June 29.

Earlier on June 1 forex reserve crossed $45-billion mark, a whopping increase from $32 billion in March 2020.

The latest BB data also show inward remittances continue to come into Bangladesh as the figure reached over $1.75 billion in the first 28 days of June.

Experts talk about some reasons for this unusual rise in remittance during the Covid-19 pandemic.

They say a big chunk of money repatriated from the workers who returned to the country during Covid-19 pandemic and the government’s offer of 2 percent cash incentive against remittance have discouraged illegal hundi, which ultimately contributed to the rise in inward remittance.