Desk Report,
Foreign exchange reserves now stand at $30 billion
The country’s total foreign exchange reserves stood at $30 billion or $300 million at the end of the day on Thursday. However, according to the International Monetary Fund (IMF) accounting method BPM6, the reserves are $24.99 billion.
Foreign exchange reserves now stand at $30 billion
This information was reported by Bangladesh Bank sources. On June 30, the foreign exchange reserves were $31.72 billion. Accordingly, the total reserves have decreased by about $1.72 billion in the past 24 days. In addition, at the end of last month, the reserves were $26.70 billion according to BPM6. According to this calculation, the reserves have decreased by $1.71 billion in the past 24 days. According to Bangladesh Bank, on July 8, Bangladesh Bank paid the outstanding bill of $201 million for imports for the months of May and June to the Asian Clearing Union (ACU). Then the total reserves decreased by $29.52 billion. And according to BPM6, the reserves stand at $24.45 billion.
After the fall of the Awami League government, expatriates have increased their legal income remittances. In the outgoing fiscal year 2024-25, the country received $30 billion in expatriate income, which is 26 percent more than the previous fiscal year. On the other hand, despite various challenges, commodity exports grew by 8.5 percent in the outgoing fiscal year.
The foreign exchange market has regained its composure due to the positive trend in the two main sources of foreign exchange income – expatriate income and commodity exports. As a result, the pressure on foreign exchange reserves has been lifted. The central bank has not been selling dollars from the reserves for 10 months. During this, billions of dollars in loans are coming into the country as part of the country’s banking and revenue sector reforms, budget support, and loans. As a result, foreign exchange reserves are increasing.
Meanwhile, the demand for dollars has decreased due to the increase in the flow of expatriate income and export income and, on the contrary, low imports. That is why the price of the US dollar started to fall compared to the taka. In this situation, Bangladesh Bank has purchased dollars from commercial banks through auctions to maintain the dollar price this month.
