Reserve record amid COVID period
Published: 10:35 AM, 4 May 2021 Updated: 01:18 PM, 4 May 2021
Bangladesh’s foreign exchange reserves have crossed $45 billion (Tk 4500 crore) milestones amid the COVID period; Photo: Collected
Expatriates are sending more money to their families amid the coronavirus (Covid-19) pandemic around the world. As a result, a record amount of expatriate income; i.e; reserve came to the country in April.
Due to this increase in remittances, Bangladesh’s foreign exchange reserves have crossed $45 billion (Tk 4500 crore) milestones amid the COVID period.
Till Monday, Bangladesh Bank’s reserves stood at $45.10 billion – which is more than at any time in the past.
With this reserve, it is possible to meet the import cost of more than 11 months at the rate of $4 billion per month. And on May 1 and 2, the expatriates sent $154 million to the country.
Bangladesh Bank Executive Director and spokesman Md. Sirajul Islam said the rising trend of expatriate income has been maintained for a long time. One of the reasons for this – “government’s 2 percent cash incentive”. Besides, every year on the occasion of Ramadan and Eid, the expatriates send a little more money to their families. Although COVID infection increased, this year was no exception.
Meanwhile, Finance Minister AHM Mustafa Kamal hopes that the reserves will cross the $50 billion milestones by the mid of the 2021-22 fiscal year.
A 2 percent incentive is being given from 1 July 2019 for sending remittances to banking channels. This facility has been maintained in the current fiscal year as well.