Forex reserves exceed $20 billion

The Report Desk

Published: February 22, 2024, 10:20 PM

Forex reserves exceed $20 billion

Representational Image/TheReport.Live

Bangladesh‍‍`s foreign currency reserves have once again surpassed $20 billion, according to central bank figures.

On February 20, the reserves stood at $20.19 billion. It was $19.94 billion one week ago and $20.03 billion on January 24.

The minor increase in reserves occurred a week after the Bangladesh Bank implemented currency swaps with banks for the first time in order to meet the International Monetary Fund‍‍`s (IMF) net reserve criteria with its $4.7 billion loan programme. 

Typically, if the central bank needs to increase the reserve to meet the criterion, it must buy the dollar. It may now obtain foreign money from banks in exchange for merely interest over a set length of time.

Recently, the reserves have gotten a boost as a result of loans from development partners, an increase in exports and remittances, and a decrease in imports. 

In December, the IMF and Asian Development Bank gave $689 million and $400 million, respectively.

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