Bangladesh posts account surplus of nearly $1 bn

Dhaka, Nov 17 (IANS) Bangladesh recorded a current account surplus of nearly $1 billion in the July-September quarter of the current 2015-16 fiscal ending June, a central bank official said on Tuesday.

Quoting Bangladesh Bank (BB) data, the official said the current account balance showed a surplus of $739 million during the first quarter of the current fiscal (July 2015-June 2016) against a deficit of $293 million during the corresponding period of the previous fiscal (July 2014-June 2015), Xinhua reported.

Bangladesh registered a current account deficit of $1.65 billion in the last fiscal due to weakening growth in exports and remittances.

According to the official, the central bank of Bangladesh experienced a see-saw ride of ups and downs in the current account balance and overall balance of payments also in the recent months as growth in export earnings and inflow of remittances dwindled.

The BB data showed that Bangladesh’s export earning in the first quarter of the current fiscal grew a meagre 0.83 percent year-on-year to $7.76 billion.

It also showed that the flow of inward remittances in the first three months of the current fiscal fell two percent to $3,930.86 million.

 

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