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Bangladesh Forex Reserves Top $28 Billion Amid Dollar Purchases
Bangladesh’s gross foreign exchange reserves have surpassed $28 billion, reaching $28.04 billion, officials from Bangladesh Bank said on 22 December.
Using the International Monetary Fund’s BPM-6 accounting method, reserves stood at $26.51 billion on 1 December, indicating a $1.5 billion increase in just 20 days.
Bangladesh Bank attributed the rise largely to its purchase of dollars from commercial banks through auctions. So far in the current fiscal year, the central bank has bought over $2.5 billion from the market.
A senior bank official noted that the supply of dollars in commercial banks has increased due to higher remittance inflows. The central bank has been actively buying dollars to stabilize the exchange rate and prevent a fall in the value of the US dollar.