Remittances, Forex Reserves Hit Record Highs

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 reserves in the country stood at a record $37.287 billion till July 31.

The foreign currency reserves were $36.016 billion on June 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 AHM Mustafa Kamal expressed gratitude and thanks to all the expatriates for tireless efforts.