Bangladesh Sees Growth in Foreign Currency Reserves

Bangla Press Desk:  Bangladesh’s foreign exchange reserves rose to $36.39 billion as of 6 September, maintaining an upward trend despite a recent payment of $1.39 billion in import and other bills, according to Bangladesh Bank.

The country’s gross reserves stood at $36.385 billion, while reserves calculated under the International Monetary Fund’s BPM6 methodology amounted to $31.475 billion, said Mohammad Ibrahim Munsi, joint director of Bangladesh Bank’s Foreign Exchange Reserve and Treasury Management Department, on Sunday.The reserves had crossed $37.5 billion last week but declined following the $1.39 billion payment. At an exchange rate of Tk123 per dollar, the payment was equivalent to more than Tk53.61 billion.Meanwhile, remittance inflows continued to show a strong trend at the beginning of September. Expatriate Bangladeshis sent $435.9 million home in the first five days of the month.

The latest Bangladesh Bank data showed positive movement in both foreign exchange reserves and remittance inflows, indicating continued improvement in the country’s external sector.

Source : News24.com