Forex Reserves Hit Record High of $38bn

The foreign currency reserve hit the new record of $38 billion in the country on Monday thanks to robust growth in inward remittances.

Finance Minister AHM Mustafa Kamal on Monday expressed his gratitude to the expatriates for their role in keeping the country's economy afloat as it continues to grapple with the pandemic.

On Jun 3, the foreign reserves crossed $34 billion for the first time, it crossed the milestone of $35 billion three weeks later on Jun 24. The foreign reserves subsequently surged past $37 on Jul 28 before hitting the latest high three weeks later.

Besides remittances, funds from the World Bank, IMF, Asian Development Bank, and Asian Infrastructure Investment Bank also played a role in pushing the foreign currency reserves over $38 billion.