Bangladesh's foreign exchange reserves have crossed $24 billion.
"According to the latest data, foreign exchange reserves amount to $24.3 billion. It is close to $20 billion according to the BPM-6 calculation standard of the IMF," said Bangladesh Bank (BB) spokesperson Husne Ara Shikha in a video message here today.
Net reserves are calculated according to the International Monetary Fund's BPM-6 measure. Subtracting short-term liabilities from gross or total reserves gives the amount of net or actual reserves.
The central bank published the information on reserves from July 2023 after the IMF's loan approval.
Stating that the amount of reserves is increasing, spokesperson Shikha said, "It is becoming possible to prevent the loss of foreign exchange reserves because remittances are increasing. Compared to last fiscal year, there was 60 percent growth in this fiscal year."
"If we take the growth in August and July together, it is about 90 percent growth. Interbank foreign exchange trading is enabled. Banks are able to trade themselves if they want to and the exchange rates are market based," she added.
She said, "The price of the dollar is currently Tk 118-120. The difference between the dollar price in the banking channel and the curb market price is now less than 1 percent."
Shikha said, "We believe that the foreign exchange rate market or the dollar price will stabilise due to active interbank transactions."
Forex reserves cross $24b: BB
more from Economy
LATEST News
- CA to hold bilateral talks with Modi, other BIMSTEC leaders on Friday
- Govt plans to recruit 5,000 physicians: DG Health
- Bangladesh must leverage goodwill generated thru reform commitments to reduce combined tariff rate: Dr Zahid Hussain
- Tariff issue will be resolved through talks with US: CA
- Steps taken to ensure safe journey of Dhaka-bound passengers: BR director general
Top News
- 1CA to hold bilateral talks with Modi, other BIMSTEC leaders on Friday
- 2Tariff issue will be resolved through talks with US: CA
- 3Trade wars, tailored woes: Fallout of US tariff blitz on Bangladesh
- 4Bangladesh must leverage goodwill generated thru reform commitments to reduce combined tariff rate: Dr Zahid Hussain
- 5CA urges youths to build themselves as three-zero persons
- 6Strict measures will be taken to curb terrorism in hills: Home adviser
"It is close to $20 billion according to the BPM-6 calculation standard of the IMF,"
BSS
Publisted at 7:53 PM, Tue Sep 17th, 2024