Forex reserves rise to $22.24b with WB fund
The increase follows Monday’s reserve figure at $21.75 billion as per BPM-6
Bangladesh's foreign exchange reserves rose to $22.24 billion yesterday following the addition of $350 million in funds from the World Bank (WB).
The increase follows Monday's reserve figure at $21.75 billion as per BPM-6.
A senior central bank official confirmed the update to TBS, adding that the IMF has approved over $1.3 billion in fourth and fifth instalments of its $4.7 billion loan to Bangladesh.
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These funds are expected to be added to the reserves in the coming days, further boosting the total, he added.
Earlier in mid-May, the Bangladesh Bank governor stated that the country anticipated receiving approximately $3.5 billion by June from various development partners, including the IMF, WB, Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB). This inflow was projected to significantly strengthen the nation's foreign exchange reserves.
In addition to these international loans, a rising trend in remittance flow is also contributing to the country's increasing reserve levels.
Bangladesh received $2.97 billion in remittances in May, marking the second-highest monthly inflow in the country's history.
The record-breaking inflow follows the all-time highest monthly remittance of $3.29 billion in March.
