More current account deficit in first 3 quarters of this fiscal

Bangladesh registered a current account deficit of 1.15 billion US dollars in the first three quarters of the 2014-15 fiscal year ending next month, a central bank official said Thursday. The Bangladesh Bank (BB) official told Xinhua that the current account balance showed a deficit of 1,149 million U.S. dollars during the first three quarters of the current fiscal year 2014-15 (July 2014- June 2015) bbagainst the surplus of 1,691 million U.S. dollars during the corresponding period of the previous fiscal year (July 2013- June 2014).

As both export and remittance growth dipped, the current account balance posted deficit, meaning Bangladesh’s economy absorbed more than that it produced in the months, said the official who preferred to be unnamed.

Bangladesh’s exports growth in the first nine months of the current fiscal year 2014-15 dipped 2.96 percent year on year to 22. 61 billion U.S. dollars, showed the BB data.

On the other hand, it showed growth in inflow of remittances from some 9 million Bangladeshis also dipped by 7.21 percent year on year to 11. 25 billion U.S. dollars in the first three quarters of the 2014-15 fiscal year (July 2014-June 2015), the BB data showed.

Bangladesh Bank current account surplus in the last 2013-14 fiscal year shrank by 35 percent to reach over 1.5 billion U.S. dollars.

-GP


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