Foreign reserves rise to $26.79b amid slight April dip in remittances

Staff Reporter :

Bangladesh’s foreign exchange reserves have reached US$26.79 billion, according to a press release from Bangladesh Bank issued on Sunday.
However, when measured using the International Monetary Fund’s (IMF) methodology under the Balance of Payments and International Investment Position Manual (BPM6), the country’s reserves are reported at $21.43 billion.

Earlier last month, the reserves had surpassed $25 billion by the end of March, driven by a record surge in remittance inflows. According to data released by the central bank on March 27, the gross reserves stood at $25.44 billion, largely due to a significant increase in remittance receipts. In the first 26 days of March, remittances totalled $2.94 billion, the highest monthly figure in the country’s history.

In April, however, remittance inflows have seen a slight decline following the Eid season, with expatriates sending over $1.05 billion in the first twelve days of the month. Of this, state-owned and specialised banks received $459.72 million, while private banks collected $590.34 million, according to the Bangladesh Bank.

Despite the drop in April, central bank officials remain optimistic, expressing confidence that continued remittance inflows will help stabilise the foreign exchange reserves in the coming months.