Bangladesh’s forex reserves fall below $20 billion again

Bangladesh’s foreign exchange reserves have fallen below US $20 billion.

According to the latest data of Bangladesh Bank in line with the International Monetary Fund (IMF) BPM-6, foreign exchange reserves dropped to $19.89 billion on April 17.

The gross reserves (BB’s own reserves calculation method) on the same day were $25.30 billion. The gross reserves were much higher at this time last year ($31.18 billion).

The reserves increased slightly due to rise in overall exports and remittance inflow before Eid.

After Eid, reserves have started to decrease again due to the pressure of imports along with the decrease in inward remittance flow.

As per BPM-6 on April 8 (before Eid), the reserves were $20.11 billion, while the gross reserves on that day were $25.39 billion.

In the last 10 days, the reserve of BPM-6 has decreased by $211 million.

At the beginning of the fiscal year 2023-24, gross reserves were $29.73 billion. And according to BPM-6 it was $23.37 billion.