Bangladesh's Foreign Exchange Reserves Decline to $18.61 Billion
Dhaka, Dec 15 (NationPress) The foreign exchange reserves of Bangladesh have decreased by 1.23 billion U.S. dollars, settling at 18.61 billion dollars by the end of November 2024, according to the most recent data released by the central bank.
The Bangladesh Bank reported that the country’s foreign exchange reserves were valued at 18,611.40 million dollars on November 28, which was the final working day of the month, based on the calculation method of the International Monetary Fund (IMF), as reported by the Xinhua news agency.
Nevertheless, the central bank indicated that the gross reserves stood at 24.35 billion dollars by the end of November.
The reserves calculated using the IMF's manual for balance of payments and investment position are immediately accessible, while the gross reserves are also available but contingent upon the realization of investments.
For an expanding economy like Bangladesh, forex reserves that cover six months' worth of import bills are deemed sufficient. However, with the current reserves, central bank officials mentioned that Bangladesh can cover nearly four months of import expenses.
Bangladesh's gross foreign exchange reserves reached a record high of 48 billion dollars in August 2021.
In an effort to enhance its declining forex reserves, the central bank has implemented several initiatives, including incentives aimed at attracting more remittances from millions of Bangladeshi expatriates in recent years.
Official data revealed that the country's remittances amounted to 11.13 billion dollars during the period from July to November.
