Only $15.82 billion in useable forex reserves now

  • November 28, 2023

According to a report from the country’s central bank, Bangladesh’s net foreign exchange reserves have dropped from $19.52 billion on November 23 to $15.82 billion now.

The total amount of reserves was $19.52 billion, according to the Balance of Payments and International Investment Position Manual (BPM6). The net reserves are $3.7 billion less than that amount.

The International Monetary Fund (IMF) released the BPM6 handbook in 2012. However, the central bank did not fully follow it, which caused forex reserves to rise. Because of the war in Ukraine, the cost of energy, consumer items, and transportation has gone up, which has made imports more expensive. But the amount of money sent back to the country hasn’t gone up, which is putting pressure on the savings.

Source: https://en.prothomalo.com/business/local/66mxmf8dz7