Forex reserves reach record $38.15 billion

The country’s foreign exchange reserve has hit a new height setting a record of over $38 billion amid coronavirus pandemic.

Foreign exchange reserves stood $38.15 billion for the first time on Tuesday, said a high official of the Bangladesh Bank.

Remittance inflow has played a vital role behind the surge in foreign exchange reserves, said the official, adding that the government’s initiative of issuing a 2% cash incentive against inward remittance had also played a vital role.

The reserves reached $37.1 billion in July, the amount stood at $34 billion, $35 billion and $36 billion marks in June.

The previous highest reserves were recorded on September 5, 2017, the amount being $33.68 billion.

In FY20, remittance earnings hit a record $18.21 billion, up by 10.88% or $1.79 billion from $16.52-billion in the previous fiscal year.

Bangladesh receives record $2.6bn remittances in July amid pandemic.

They sent back $2.6 billion in inward remittances in the first month of the new fiscal year, a new monthly record.

The surging inbound remittance and enhanced aid from developing partners contributed to the rise in the forex reserve to $38.15 billion on August 18.