Bangladesh’s foreign exchange reserves now $23.57 billion as per IMF formula

UNB, Dhaka :

Bangladesh Bank (BB) has finally accepted the formula prescribed by the International Monetary Fund (IMF) in calculating foreign exchange reserves that stood at $23.57 billion on Thursday.

However, according to the Bangladesh Bank’s calculations on Wednesday the reserve was $29.97 billion.

One of the conditions for the IMF’s $4.7 billion loan to Bangladesh was to release the reserve account by June as per a model called BPM-6.