Foreign Exchange Reserves rebound to $30 billion
Bangladesh’s foreign exchange reserves have once again surpassed the $30 billion mark. As of Thursday, July 25, the Bangladesh Bank reported that the total reserves now stand at $30.45 billion, according to its own calculations.
Arif Hossain Khan, Executive Director and spokesperson of Bangladesh Bank, clarified that when calculated in accordance with the Balance of Payments and International Investment Position Manual (BPM6) the globally accepted accounting standard the actual reserve is $24.98 billion or nearly $25 billion.
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However, the central bank’s internal calculation places the figure at over $30 billion. Earlier this month, as of July 3, the country’s reserves were reported at $31.57 billion by the central bank’s estimate, and $26.51 billion under BPM6. At that point, the usable reserves exceeded $20 billion.
Notably, at the beginning of July, Bangladesh Bank cleared $2.02 billion in payments to member countries of the Asian Clearing Union (ACU) a periodic transaction that typically causes temporary dips in reserve figures.
Bank officials attribute the recent stability in reserves to an increase in export earnings and remittance inflows, which have slightly eased the pressure on the country’s foreign exchange market.
This positive development provides a breather for Bangladesh’s economy, which has faced significant external sector challenges in recent years due to global economic volatility, rising import costs, and domestic financial instability.
