After almost four years, Bangladesh's gross foreign exchange reserves have again reached $37 billion.
According to the latest data from Bangladesh Bank, the country's foreign exchange reserves stood at $37.053 billion as per the central bank's own (gross) account at the end of the day on Monday (June 29).
The amount of reserves under the International Monetary Fund's (IMF) BPM-6 calculation method stood at $32.480 billion.
Earlier, on September 20, 2022, the country's foreign exchange reserves were at $37 billion. However, due to pressure to pay import bills, the reserves fell below $37 billion the next day.
According to Bangladesh Bank's data on September 21, 2022, the reserves had decreased to $36.98 billion. At that time, the central bank sold about $70 million to various banks to pay import bills.
On October 26, 2022, the then government's Information Minister Dr. Hasan Mahmud said at an event that the country's foreign exchange reserves had reached about $37 billion during the Awami League government.
He claimed at that time that the reserves were less than $3.5 billion in 2006, at the end of the BNP government's term, which had increased about 12 times to $37 billion during Sheikh Hasina's government.
At the same time, he also mentioned that Bangladesh had become the 31st largest economy in the world on the basis of Purchasing Power Parity (PPP).
The reserves have been increasing continuously during the current interim government. On June 26, the reserves increased to $36.08 billion according to Bangladesh Bank, which increased by about $1 billion in a few days to cross $37 billion.
According to analysts, the recent increase in export earnings, remittances, foreign loans and budget support, and the return of stability in the foreign exchange market have created a positive trend in the reserves.
However, they believe that not only the amount of reserves, but also the position of net reserves suitable for use under the IMF's BPM-6 method and the ability to meet import costs smoothly will be the most important indicators for the economy in the coming days.
According to Bangladesh Bank, while the gross reserves are currently $37.05 billion, the reserves suitable for use under the IMF's BPM-6 method are $32.48 billion.
