Reserves increased to 20 billion dollars

Before the end of the year, there was good news in the country's foreign exchange reserves. According to the international accounting system, the foreign exchange reserves increased to one thousand 995 million 71 million 40 thousand dollars (BPM6); or reached 19.96 billion dollars. The total reserve amount including various funds in foreign currency is 2 thousand 494 crore 63 lakh 20 thousand dollars.

This information is known from the latest update published by Bangladesh Bank on Thursday (December 19).

Bangladesh Bank mainly maintains three accounts of reserves in the country. The first is the total reserve including various funds held in foreign currency. The total reserves include several funds including an easy term loan to entrepreneurs in the ready-made garment industry, a loan to Sonali Bank for purchase of aircraft.

The second is the International Monetary Fund (IMF) accounting system, i.e. a fund denominated in foreign currency or excluding debt. Excludes usable reserves. The current one is slightly below $15 billion. The country should have a reserve equal to minimum three months import cost. By that standard, the Bangladesh Reserve is now in a position to cover nearly four months of import prices.

On November 11, Bangladesh paid 1.50 billion dollars for the bill of imported goods in September and October through the Asian Clearing Union (ACU). As a result, foreign exchange reserves decreased to 18.45 billion dollars (BPM6). But in the last one and a half months, this savings of foreign currency has increased and has touched 20 billion dollars again.

Before this, by the end of the fiscal year 2022-23, the net reserve was 24.73 billion dollars. During this time import costs continued to increase due to global high inflation. On the other hand, the area of ​​foreign currency extraction continues to shrink. In this situation, the demand for dollars in the import of energy and essential food products continues to increase. On the other hand, selling dollars reduces foreign exchange reserves.

After that, foreign loans and buying dollars from various commercial banks increase the reserve again. During the current government, the sale of dollars from the reserve of Bangladesh Bank is stopped. Besides, dollars are being added from different sources every day. As a result, foreign exchange reserves are gradually increasing.

Bangladesh /KH