Inward remittances rose by 9.82 per cent to $21.3 billion in July-May of the outgoing fiscal year (2023-24) compared to the same period in the last fiscal year, said Finance Minister Abul Hasan Mahmud Ali while announcing Tk 7,97,000 crore national budget for 2024-25 fiscal year in the parliament on Thursday.
The Current Account stood at a surplus of $5.8 billion at the end of March this year since the exports continued to grow, non-essential imports fell, and remittances picked up compared to the previous fiscal year, he said
"The Crawling Peg system has been introduced as a primary measure to make the exchange rate market-based. As a result, exports will be encouraged and remittances through official channel will increase as well."
Though the financial account is facing a deficit, it is expected that it will reduce in the medium-run and foreign exchange reserve will continue to grow. The exchange rate of taka will gain again once the reserve is stabilized, the Finance Minister said.
