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Bangladesh's forex reserves exceed $30bn
Bangladesh’s foreign exchange reserves climbed to $30.51 billion on Thursday, reflecting a renewed strength in the country’s external sector.
But, officials said, under the International Monetary Fund's (IMF) Balance of Payments and International Investment Position Manual (BPM6), the reserve is calculated at $25.51 billion.
The usable portion of this, according to the same method, stands at $19.80 billion, said the Bangladesh Bank officials.
The boost in reserves follows a notable rise in remittance inflows through formal channels, largely attributed to the change in government after the Awami League’s departure from office.
This surge in remittances has brought much-needed relief to the foreign exchange market, easing pressure on the reserve position.
However, the central bank has not sold any dollars from its reserves over the past 10 months. The increase is also supported by the inflow of over $5 billion in loans for budgetary support, debt servicing, and reforms in the banking and revenue sectors.
Besides, the IMF is expected to release a $900 million loan, taking into account the country’s repayment capacity.
A further $1.5 billion in loans from the World Bank, Asian Infrastructure Investment Bank (AIIB), Japan and the OPEC Fund is anticipated to be added to the reserves by the end of this month.
The officials expect this inflow to push the total reserves to around $32 billion by month-end, reports UNB.