Bangladesh’s forex reserves climb to $27.22b

Bangladesh’s foreign exchange reserves have risen to $27.22 billion, according to the central bank.

The Bangladesh Bank spokesperson and Executive Director Arief Hossain Khan confirmed the development today (10 December).

On 1 December, the country’s reserves stood at $26.51 billion.

The central bank has been increasing reserves primarily by purchasing US dollars from commercial banks through auctions. So far in the current fiscal year, Bangladesh Bank has bought more than $2.5 billion.

A senior official of Bangladesh Bank said that the recent uptick in remittance inflows has improved dollar supply in the banking sector. To prevent the exchange rate from falling, the central bank is buying dollars through auctions, the official added.