DHAKA: Bangladesh’s current account surplus in the first month of the current 2015-16 fiscal year dwindled, hit by slump in exports and inward remittance, a central bank official said Sunday. The Bangladesh Bank (BB) official told Xinhua that the current account balance showed a surplus of 818 million U.S. dollars in July, the first month of the current fiscal year 2015-16 (July 2015- June 2016), against the surplus of 972 million U.S. dollars during the corresponding period of the previous fiscal year (July 2014-June 2015).
As both export and remittance income plunged, the current account balance surplus slumped, meaning Bangladesh’s economy absorbed more than that it produced in the month, said the official who preferred to be unnamed.
Bangladesh’s exports growth in the first month of the current fiscal year dipped about 12 percent year on year to 2.63 billion U. S. dollars, showed the BB data.
On the other hand, it showed inflow of remittances from some 9 million Bangladeshis fell by about 7 percent year on year to 1.39 billion U.S. dollars in the first month of this fiscal year.
Bangladesh registered a current account deficit of 1.65 billion U.S. dollars in the last 2014-15 fiscal year also for weakening growths in exports and remittances against the backdrop of soaring imports bills.
