BoP turns positive in April

Growths in remittance and exports have contributed to an overall positive balance of payment (BoP) in April of the just concluded fiscal year.

Overall BoP recorded a surplus of US$ 43 million at the end of April, which was negative until March, according to Bangladesh Bank statistics.

Exports saw a 20 percent growth during July-April period of 2005-06 financial year over the same period of the previous fiscal.

Export earning amounted to US$ 8,365 million in the first 10 months of the last financial year, which was $ 6,961 million during the same period of fiscal year (FY) 2004-05.

On the other hand, remittance inflow maintained over 25 percent growth, reaching around five billion dollars in the just concluded fiscal year mainly due to increase in skilled labour abroad and government's efficient move against money laundering.

Trade balance recorded a smaller deficit of $ 2,519 million during July-April period of the last fiscal, which was $ 2,935 million during the same period of FY 2004-05.

Despite larger service and income deficit, current account balance recorded a surplus of $ 285 million in the first 10 months of the last financial year against the deficit of $ 767 million during the same period of FY 2004-05.

In the face of declining foreign aid during July-April period of the last financial year, net foreign direct investment (FDI) also saw a negative growth.

According to official statistics, net FDI amounted to $ 500 million during July-April period of the just concluded financial year, which was $ 625 million during the same period of FY05.