BB expects to be closer to IMF reserve goal by June

The Bangladesh Bank is hopeful to have the net reserves reach closer to $24 billion by the end of June as part of the pledge to the International Monetary Fund for receiving the second tranche of its $4.7 billion loan.

"It is only April. There is more time ahead. I do not wish to comment on this at the moment," said central bank spokesperson Md Mezbaul Haque when asked about meeting the IMF's stipulated time frame on reaching the reserve target on Tuesday.

The central bank spokesperson made the remarks after an eight-member IMF delegation stopped by at the bank as part of a regular staff visit. 

He said currently the country's (gross) reserves stand at over $31 billion and there is no major payment before June except for one to the Asian Clearing Union (ACU). 

Bangladesh on track for meeting all IMF terms but reserve threshold: Officials

Hinting at some greenback inflow ahead, the central bank spokesperson said he expects to be close to the IMF set reserves target by the end of June.

The floor of the net reserve for March was set at $22.947 billion, which Bangladesh could not meet. The lender set the floor at $24.462 billion dollars by next June, $25.316 billion by September and $26.411 billion by December.

He also noted that the net reserve calculation will be done as per the BPM6 from July besides disclosing the gross reserves.

Mezbaul Haque also mentioned that the ongoing IMF visit has nothing to do with the IMF loan agreement.