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Dhaka Tribune

BB: Reserves stand at $19 billion

  • Difference of $5.15 billion with BB's calculation 
  • Another calculation of BB's net or actual reserves
Update : 02 Feb 2024, 05:03 PM

Bangladesh’s foreign exchange reserves have been depleting over the last few months, with the central bank selling dollars every day to meet import demand.

According to the latest data from the central bank, Bangladesh Bank's reserves fell to $19 billion at the end of the day on Thursday.

But as per the conditions of the International Monetary Fund (IMF), there is a difference of $5.15 billion with Bangladesh Bank's calculation based on the BPM-6 method. Therefore, the gross reserve is currently $19.94 billion.

Apart from this, there is another calculation of Bangladesh Bank's net or actual reserves, which is only given to the IMF and not disclosed. Following this method, the actual reserves are now around $15 billion.

As a common practice, a country should have reserves equal to the minimum of three months’ import costs. Bangladesh is now at the bottom of that standard.

At the beginning of January, gross reserves were $27 billion. It stood at $25.09 billion on Wednesday, registering a fall of $191 million in one month despite the increase in remittance income.

On the other hand, the gross reserves were $29.73 billion ($23.37 billion as per BPM-6) at the beginning of the financial year 2023-24. That is, in the last seven months, the reserves fell by about $3.5 billion.

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