Forex reserves rise to $26.62b on rising remittances, export earnings
Banks selling surplus dollars to the central bank have further contributed to the growing reserves
Bangladesh's foreign exchange reserves have crossed $26.5 billion, according to data from the Bangladesh Bank.
The central bank's spokesperson and Executive Director Arif Hossain Khan confirmed that the country's gross reserves now stand at $26.62 billion as per the IMF's BPM-6 accounting method.
As of 24 September, reserves were recorded at $26.39 billion, indicating a notable rise within a week.
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Arif Hossain said the increase was driven by higher remittance inflows and export earnings, which have boosted the supply of dollars in the banking sector.
Banks selling surplus dollars to the central bank have further contributed to the growing reserves, said the official.
"The reserves are increasing due to stronger remittance inflows and the central bank's dollar purchases from commercial banks through auctions," Arif Hossain Khan told The Business Standard.
According to the Bangladesh Bank data, Bangladesh received $2.69 billion in remittances in September this year, marking an 11.72% increase compared to the same month last year.
