Forex Reserve Hits New Record of $37bn

The country’s foreign exchange reserve reached an all-time high of $37.10 billion on Tuesday amid falling import payments and moderate inflow of remittance.

The reserve hit the new record in just 35 days of hitting the $35-billion mark on June 24 this year.

The country’s reserve increased due mainly to the collapse in imports amid the coronavirus pandemic.

A decline in fuel prices on the global market, back-to-back letters of credit against export orders, industrial goods import and finally the low local consumption due to the people’s dismal earnings during the coronavirus pandemic altogether had brought down the country’s import payment drastically.

Besides, the country received foreign loans from multinational organisations in recent months that also helped the country’s reserve to reach the $37-billion mark.