Forex reserves increase thanks to positive trend in remittance inflow: Bangladesh Bank
According to the BPM-6 system of the International Monetary Fund (IMF), the reserve amount is close to $20 billion
A file photo of Bangladesh bank. Photo: BSS
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A file photo of Bangladesh bank. Photo: BSS
The foreign exchange reserves have increased and gained stability as the inflow of remittances has increased, the Bangladesh Bank said today (17 September).
“Expatriates are sending huge amounts of remittances. This is the major reason for the increase in reserves. This has stopped the decline of reserves,” said Husne Ara Shikha, executive director and new spokesperson of the central bank.
She said the growth of expatriate income has increased Bangladesh’s foreign exchange reserves and the central bank also thinks the fall in reserves has stopped.
The central bank currently has $24 billion in reserves. According to the BPM-6 system of the International Monetary Fund (IMF), the reserve amount is close to $20 billion.
Shikha said that the banks can now buy and sell US dollars on their own as the crisis has started to subside.
The dollar price is currently between Tk118-120. The difference between the dollar price in the banking channel and the kerb market is now less than 1.0%.
The dollar exchange rate is market-based. The forex market is expected to remain stable from now on as interbank transactions remain active.
