Image Courtesy: https://www.dailypost.net According to banking sources familiar
According to banking sources familiar with the matter on Tuesday, Bangladesh’s usable foreign exchange reserves have declined to US $ 15.82 billion.
Media reports underlined this while adding this represents a significant decrease from the peak of US $ 48 billion reached two years ago during the COVID-19 pandemic, attributed to increased remittances and reduced import demand.
The reserves began dwindling due to eased import restrictions and the impact of the Russia-Ukraine war.
The most recent foreign exchange report from Bangladesh Bank (BB), based on the IMF’s Balance of Payments and International Investment Position Manual (BPM6), disclosed that the country’s reserves as of 23rd November were US $ 19.52 billion.
According to the BPM6 formula, the net reserves are US $ 3.7 billion less than the total reserve amount, as indicated by BB sources.
Mezbaul Haque, the BB spokesperson, reassured that foreign exchange from reserves is spent and deposited daily, emphasizing that it’s a continuous process for any country.
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