Reserves now $31b as per IMF calculation

The country’s foreign exchange reserves have started to reach a strong position again.

After a long period of pressure and uncertainty, according to the latest data from Bangladesh Bank, the country’s foreign exchange reserves have reached about $31 billion according to the International Monetary Fund’s (IMF) accounting method BPM-6.

According to Bangladesh Bank data, as of last Thursday the country’s total or gross reserves stood at $35.62 billion.

The actual usable reserves according to the IMF’s BPM-6 method stood at $30.96 billion. That is, the country’s reserves are now very close to $31 billion.

Economists and bankers said that the reserve situation has improved in recent times due to increased remittance flows, stable export earnings, and some control over import costs.

As a result, pressure on foreign transactions is reducing and stability is gradually returning to the dollar market.

Bangladesh Bank officials said that expatriate income is currently acting as one of the main drivers of reserve growth.

The flow of foreign currency has also increased due to the increase in the tendency to send remittances through banking channels. At the same time, export income is also on a positive trend.