Bangladesh’s foreign exchange reserves rose to $30.51 billion on Thursday, indicating a renewed vigor in the nation’s external sector.

However, officials noted that according to the International Monetary Fund’s (IMF) Balance of Payments and International Investment Position Manual (BPM6), the reserves are assessed at $25.51 billion.

The usable segment of this, following the same methodology, is reported to be $19.80 billion, as stated by officials from the Bangladesh Bank.

The increase in reserves is a result of a significant uptick in remittance inflows through official channels, primarily due to the governmental transition following the Awami League’s exit from power.

This rise in remittances has provided essential relief to the foreign exchange market, alleviating pressure on the reserve situation.

Nonetheless, the central bank has refrained from selling any dollars from its reserves in the last 10 months. The growth is also bolstered by the inflow of over $5 billion in loans aimed at budgetary support, debt servicing, and reforms in the banking and revenue sectors.

Additionally, the IMF is anticipated to disburse a $900 million loan, considering the country’s repayment ability.

An extra $1.5 billion in loans from the World Bank, Asian Infrastructure Investment Bank (AIIB), Japan, and the OPEC Fund is expected to be incorporated into the reserves by the end of this month.

Officials are optimistic that this influx will elevate the total reserves to approximately $32 billion by the end of the month.