Forex reserve hits record $44.02b

Bangladesh's foreign exchange reserve yesterday hit a new record of $44.02 billion thanks to robust remittance inflows and lower import payments, Bangladesh Bank data showed. 

The reserve, one of the major macroeconomic indicators of an economy, touched the $41-billion mark on October 28 and rose to $42 billion on December 15 and then to $43 billion on December 30 last year.

Between July and January this fiscal year, the country received $14.9 billion in remittance, up 34.95 per cent from a year ago.

Remittance stood at $1.49 billion in the first 23 days of February in contrast to $1.24 billion in the same period a year ago, BB data showed.

Remittance has played a vital role in boosting the foreign currency reserve amid the coronavirus pandemic, a Bangladesh Bank official said, adding that dwindling imports have also helped expand the reserve.

Imports decreased 6.80 per cent year-on-year to $25.22 billion in the first half of the current fiscal year.