In a week, Bangladesh’s foreign currency reserves have increased by an impressive USD 37.69 million, according to the latest data from the International Monetary Fund (IMF) based on the reserve accounting method. The country’s foreign currency reserve now stands at USD 20.57 billion (BPM6), a significant surge of USD 2 thousand 57 crore 31 lakh 80 thousand.
Simultaneously, the total reserves, including foreign currency and those held in various funds, have reached USD 25.76 billion, marking a notable increase of USD 576 crore 51 lakh 90 thousand.
These statistics were revealed in the weekly selected economic indicators by the Bangladesh Bank on Thursday, February 29.
The report indicates a decrease in reserves by USD 63 crore 5 lakh 10 thousand within a month. At the beginning of February, the reserves amounted to USD 1 thousand 994 crore 26 lakh 70 thousand (BPM6).
However, after accounting for the inflow of dollars from the International Monetary Fund, Asian Development Bank (ADB), and South Korean loans, the reserves surpassed the USD 20 billion mark. The Asian Clearing Union and other import payments further impacted the reserves, bringing them below the USD 20 billion threshold.
In August 2021, the country witnessed a historic high in foreign currency reserves, reaching USD 48 billion. Since then, the central bank has sold approximately USD 29 billion to alleviate the dollar crisis.
Bank officials suggest that with the commencement of the new government’s journey in January, there is an optimistic outlook for the gradual resolution of the dollar crisis. This positive development is expected to alleviate the pressure on reserves. Despite the current rate of USD 122-123 per dollar, some individuals are still facing difficulties in obtaining the desired dollars.
Banking authorities anticipate that as the government’s initiatives gain momentum, there will be a gradual improvement in the dollar crisis, resulting in reduced pressure on reserves.