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Remittances, forex reserves hit record high

Remittances, forex reserves hit record high

The foreign currency reserve and inflow of remittances hit the new record in the country in July despite the economic fallout triggered by the Covid-19 pandemic.

The expatriates have sent $2.6 billion which is an all-time high monthly amount in the country’s remittance history, according to a press release of the Finance Ministry.

In June, the country received $1.83 billion in remittance.

At the same time, foreign exchange reserve in the country stood at record $37.287 billion till Jul 31.

The foreign currency reserves were $36.016 billion on Jun 30 this year while it was $32.716 billion in June of the previous year.

The increase in remittance inflow played a significant role in the unprecedented increase in foreign currency reserve.

Finance Minister A H M Mustafa Kamal expressed gratitude and thanks to all the expatriates for tireless efforts.