BRI NEWS Bangladesh posts current account deficit of 5.25 bln USD in FY 2018-19

BRI NEWS

Bangladesh posts current account deficit of 5.25 bln USD in FY 2018-19

Xinhua

10:03, August 29, 2019

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Photo: VCG

DHAKA, Aug. 26 (Xinhua) -- Bangladesh registered a current account deficit of over 5 billion U.S. dollars in the 2018-19 fiscal, meaning the country absorbed more than what it produced in the last fiscal year, a central bank official said Monday.

The Bangladesh Bank (BB) official told Xinhua that the current account balance showed a deficit of 5,254 million U.S. dollars in the last fiscal year 2018-19 (July 2018-June 2019) against the deficit of 9,567 million U.S. dollars in the previous fiscal year (July 2017-June 2018).

The BB official said the current account deficit narrowed in the last fiscal year as both exports and remittances logged a big gain.

Bangladesh exports increase 10.55 percent to 40.54 billion U.S. dollars in the just concluded 2018-19 fiscal year, showed Export Promotion Bureau (EPB) datal.

On the other hand, the bank data showed, remittances from millions of Bangladeshis, living and working abroad, hit an all-time high of 16.40 billion U.S. dollars in the past 2018-2019 fiscal year. The flow of inward remittances in 2018-2019 fiscal surged 9.47 percent year on year.

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