Reserve record amid COVID period...

Dhaka, Sunday   09 May 2021

Reserve record amid COVID period

 Staff Correspondent daily-bangladesh.com

 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

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.

DailyBangladesh/AS