Dhaka, September 24 – Bangladesh’s foreign exchange reserves have exceeded $31.27 billion, with a significant increase attributed to a surge in remittances through formal banking channels. This positive trend is a result of a crackdown on illegal “hundi” transactions and other illicit channels, a unified dollar exchange rate, and various incentive schemes within the banking sector.
However, according to the International Monetary Fund’s (IMF) Balance of Payments and International Investment Position Manual (BPM6), Bangladesh’s net reserves currently stand at $26.39 billion.
Arif Hossain Khan, the spokesperson for the Bangladesh Bank, confirmed these figures on Wednesday. He stated that the country’s reserves, calculated using the IMF’s BPM6 method, have reached $2,639.33 million. In contrast, the Bangladesh Bank’s own calculation puts the total reserves at $3,127.55 million.
This marks a notable increase from the figures recorded on September 17, when the IMF’s BPM6 calculation showed reserves at $2,608.74 million, while the Bangladesh Bank’s own count was $3,100.31 million.
The growth in reserves is largely fueled by a robust flow of remittances. From July to September 23 of the current fiscal year, Bangladeshi expatriates sent home $7,064 million, a significant increase from the $5,978 million received during the same period last year.
Remittance inflows in the first 23 days of September alone showed a remarkable 17.6% growth compared to the previous year, reaching $2,164 million. This sustained increase highlights a growing trust and preference among migrants for using formal banking channels, contributing to the nation’s financial stability.
