Bangladesh forex reserves increases by $318m to reach $19.53b thanks to additional remittances
Bangladesh’s foreign exchange reserves rose by US $318 million in the span of a week to hit $19.53 billion on 19 June.
Bangladeshi expatriates have sent about $1.65 billion as remittances in the first 14 days of this month ahead of Eid-ul-Adha.
According to the latest update of Bangladesh Bank, the foreign exchange reserves was $19.21 billion on June 12. The reserves increased to $19.53 billion on June 19.
The foreign exchange flow will continue to rise in the coming weeks as the country is set to receive $1.65 billion from the International Monetary Fund (IMF) and the World Bank before the end of this June.
The IMF may release $1.15 billion in the third instalment of its $4.7 billion loan in the last week of June while the WB is going to provide $500 million in budget support. This may send the reserves above $21 billion.
The latest improvement in the forex reserves situation comes a month after the central bank relinquished its control over the rate-setting mechanism and introduced a more flexible exchange rate regime.
