Current account surplus soars to over $3b

Bangladesh's current account surplus increased significantly to more than 3.0 billion US dollars from July 2023 to January this year under the current 2023-24 fiscal year ending in June.

According to the latest data, published by the Bangladesh Bank, the current account balance showed a surplus of $3,148 million during the first seven months of the fiscal year against the deficit of 4,648 million dollars during the corresponding period of the previous 2022-23 fiscal year.

Bangladesh registered a current account deficit of 2.67 billion dollars in the last 2022-23 fiscal year due to weakening growths in exports and remittances, reports Xinhua.

Officials said the central bank's current account balance and overall balance of payments have maintained a positive trend in the July-January period as export earnings and inflow of remittances bolstered amid a slump in import bills in recent months.

Bangladesh received 12.89 billion dollars in remittances in the first seven months of the fiscal year, the central bank's data showed.