Bangladesh forex reserves soar to $19.53bn boosted by remittance
Dhaka, June 20 -- Bangladesh's foreign exchange reserves rose by US $318 million in the span of a week to hit $19.53 billion on June 19.
Bangladeshi expatriates have sent about $1.65 billion as remittances in 1-14 days of this month, which is a huge inward flow just in two weeks. But it is usual as expatriates sent additional remittances ahead of Eid-ul-Azha.
Differing reserve figures stirring market instability and consumer price hikes
According to the latest update of Bangladesh Bank (BB) the foreign exchange reserves was $19.21 billion on June 12. The reserves increased to $19.53 billion on June 19.
The foreign exchange flow will continue to rise in the coming weeks as the country is set to receive $1.65 billion from the International Monetary Fund (IMF) and the World Bank before the end of this June.
BNP's Nazrul raises alarm over dwindling reserves
The IMF may release $1.15 billion in the third installment of its $4.7 billion loan in the last week of June while the WB is going to provide $500 million in budget support. This may send the reserves above $21 billion.
The latest improvement in the forex reserves situation comes a month after the central bank relinquished its control over the rate-setting mechanism and introduced a more flexible exchange rate regime.
IMF team wants to know central bank's measures on reserves, banking sector reform
Published by HT Digital Content Services with permission from United News of Bangladesh.
Provided by SyndiGate Media Inc. (Syndigate.info).