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Bangladesh posts current account surplus of nearly 1 bln USD in Q1

Xinhua, November 17, 2015 Adjust font size:

Bangladesh recorded a current account surplus of nearly 1 billion U.S. dollars a in July-September period of the current 2015-16 fiscal year ending June, a central bank official said Tuesday.

Quoting the Bangladesh Bank (BB) data, the official who asked to be unnamed said the current account balance showed the surplus of 739 million U.S. dollars during the first quarter of the current fiscal year 2015-16 (July 2015-June 2016) against the deficit of 293 million U.S. dollars during the corresponding period of the previous 2014-15 fiscal year (July 2014-June 2015).

Bangladesh registered a current account deficit of 1.65 billion U.S. dollars in the last 2014-15 fiscal year for weakening growths 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 Bangladesh's export earning in the first quarter of the current 2015-16 fiscal year grew a meager 0.83 percent year on year to 7.76 billion U.S. dollars.

It also showed that the flow of inward remittances in the first three months of the current 2015- 16 fiscal year fell 2 percent to 3,930.86 million dollars. Endit