Bangladesh posts current account deficit of nearly 5 bln USD in fiscal 2019-20

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DHAKA, Aug. 3 (Xinhua) — Bangladesh registered a current account deficit of nearly 5 billion U.S. dollars in the last 2019-20 fiscal year (July 2019-June 2020), Bangladesh Bank (BB) data showed Monday.

A BB official told Xinhua that the current account balance showed a deficit of 4,849 million U.S. dollars in the last fiscal year against the deficit of 5,102 million U.S. dollars in the previous 2018-19 (July 2018-June 2019) fiscal year.

Robust growth in remittances, however, helped Bangladesh cushion the impact of current account deficit despite drastic slump in export income in the wake of COVID-19, said the BB official who didn’t give his name.

Bangladesh’s remittances hit an all-time high of 18.20 billion U.S. dollars in the 2019-20 fiscal year, the BB data showed.

Bangladesh’s total exports in the last fiscal year reached 33.67 billion U.S. dollars, down 17 percent year on year, showed the country’s Export Promotion Bureau data released earlier. Enditem

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