Bangladeshi expatriates sent a record $154m on May 1 and 2 alone
Bangladesh's foreign exchange reserves on Monday hit a record $45.10 billion amid the Covid-19 pandemic.
The reserves reached $45.10 billion for the first time on the day, said Bangladesh Bank Deputy Governor Kazi Sayedur Rahman to Dhaka Tribune.
Remittance inflow has played a vital role behind the surge in foreign exchange reserves, he added.
However, experts said that the lower trend of import payment amid the pandemic is another reason for the increasing trend of reserve.
Bangladeshi expatriates sent a record $154 million in remittance in May 1 and 2 alone.
With the reserve tally, it would be possible to meet the import payment of more than 10 months, said Bangladesh Bank officials.
Expatriate Bangladeshis sent $2.06 billion in remittance in April, up 89.17% year-on-year from last April.
Remittance inflow increased 39% to $20 billion in July-April period of the current fiscal year, compared to the same period of the last fiscal year.
“Remittance inflow is increasing due to the upcoming Eid-ul-Fitr. Every year, Bangladeshi expatriates send huge amount of foreign currencies to the country ahead of Eid,” Bangladesh Bank spokesperson and Executive Director Serajul Islam told Dhaka Tribune.
Bangladeshi expatriates have sent more remittance than before to their relatives, created by the ongoing Covid-19 pandemic, he added.
The record amount of reserve will reduce as March-April of this year ACU (Asian Clearing Union) liability stood $1,743 million, which will be settled on Tuesday (May 4.)
By the end of March last year, the month when Covid-19 first hit the country, the reserves were $32.39 billion. By October 8, it increased by $7.61 billion, reaching $40 billion.
The reserves reached $39 billion in September of last year, $38.15 billion in August, $37.1 billion in July and hit the $34 billion, $35 billion, and $36 billion marks in June of last year.
The previous highest reserves were recorded on September 5, 2017, when the amount was $33.68 billion.