Forex reserve crosses record $45b mark
For the first time, the foreign exchange reserves of Bangladesh crossed the $45 billion mark on Monday, keeping the money market afloat.
The country's foreign currency reserve stood $45.105 billion, according to the Bangladesh Bank sources.
On 8 October last year, the reserves reached the $40-billion mark. Then, on 24 February this year, the reserves exceeded $44 billion.
In this context, Dr Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue (CPD), said capital machineries are hardly being imported for investment, which is leaving an impact on the reserves.
On the other hand, Ahsan H Mansur, executive director of the Policy Research Institute (PRI), observed, "People stopped going abroad because of coronavirus-induced restrictions. Besides, many are not being able to go to Singapore, Thailand or even India for treatment. As a result, a large amount of foreign exchange is not being spent, which is helping the reserves swell."
Meanwhile, inward remittances have gone past the $2-billion mark again in April this year, after going slightly down in January.
Money sent home by migrant Bangladeshis was above $2 billion for four straight months till December of the current 2020-2021 fiscal year.
According to data provided by the Bangladesh Bank, the country's remittance income last month stood at $2.07 billion - almost double the previous April's figure of $1.09 billion. -Agencies