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Bangladesh's BoP surplus dwindles to over 3.89 bln USD

DHAKA, May 18 (Xinhua) -- Bangladesh's overall balance of payment or BoP surplus decreased by nearly 16 percent year-on-year to 3.89 billion U.S. dollars in the first three quarters of the current 2013-14 fiscal year ending next month, hit by moderate export growth and lower inward remittance, an official said Sunday.

The Bangladesh Bank (BB) official, who preferred to be unnamed, told Xinhua "Overall BoP registered a surplus of 3,885 million U.S. dollars in July-March period of 2013-14 fiscal year (July 2013- June 2014)."

In the first three quarters of the last 2012-13 fiscal year ( July 2012-June 2013), he said Bangladesh's BoP surplus reached 3, 948 million U.S. dollars.

As export growth dipped and remittance income plunged, the BoP surplus slumped, meaning the country's economy absorbed more than that it produced in the months, said the official.

Exports growth in the nine months of the current fiscal year dipped by 13.46 percent year on year to 21,962 million U.S. dollars, showed the BB data.

On the other hand, it showed remittances fell by about 6 percent year on year to 10,470.81 million U.S. dollars in the first three quarters of the 2013-14 fiscal year.

The BB official said BoP surplus also shrank as imports soared on easing political strife.

Bangladesh's import orders, which usually grow by around 20 percent to 40 percent, saw a slower single-digit growth in the last year as the entire economic activities felt the pinch of intensified political unrest until January this year due to a series of hartals and other political and non-political acts of violence that has led the economy to remain in a fragile state.

Imports surged 11 .09 percent to 26,907 million U.S. dollars in the first nine months of the 2013-14 fiscal year, the BB data showed.

Due mainly to healthy current account balance on the back of an increase in exports and inflow of remittances, overall BoP surplus reached over 5 billion U.S. dollars in the last fiscal year 2012- 13.

In July-March period of the current fiscal year, central bank's current account balance recorded a surplus of 1,517 million U.S. dollars against the surplus of 2,606 million U.S.dollars during the corresponding period of the previous fiscal year.

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