Bangladesh's current account balance back in surplus after 3 yrs

Source: Xinhua| 2019-10-09 19:19:14|Editor: xuxin
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DHAKA, Oct. 9 (Xinhua) -- Bangladesh in July posted its first current account surplus in three years in the first month of the current 2019-20 fiscal year (July 2019-June 2020), a central bank official said Wednesday.

The Bangladesh Bank (BB) official told Xinhua that the country recorded a current account surplus of 240 million U.S. dollars in July after a deficit of over five billion U.S. dollars at the end of the last 2018-19 fiscal year (July 2018-June 2019).

He said Bangladesh's current account balance posted 179 million U.S. dollars deficit in July last year.

The BB official said the current account balance posted surplus in July this year mainly as both exports and remittances logged a big gain.

Bangladesh's exports in the first month of the current 2019-20 fiscal year surged 8.55 percent to nearly 4 billion U.S. dollars, showed Export Promotion Bureau (EPB) data.

On the other hand, the BB data showed the flow of inward remittances surged 43.21 percent year-on-year to 1,597.66 million U.S. dollars in July this year.

According to the BB official who did not like to be named, Bangladesh current account balance for the last time showed the surplus of 3,706 million U.S. dollars at the end of 2015-16 fiscal year (July 2015-June 2016) against the surplus of 2,875 million U.S. dollars in the previous fiscal year (July 2014-June 2015).