After almost a month, the country’s foreign exchange reserves have crossed $19 billion. Although the reserves decreased after paying the Asian Clearing Union (ACU) liabilities, they have increased again based on remittances and export earnings. However, according to the rules of the International Monetary Fund (IMF), although the current reserves are $19.20 billion, according to the Bangladesh Bank, they are $24.75 billion. If the World Bank gets a loan, the reserves can exceed $20 billion in the current December.
According to the latest report of the Bangladesh Bank, Bangladesh paid $1.50 billion for the September and October bills of imported goods through ACU on November 11. As a result, the reserves decreased to $18.45 billion (BPM-6). In the past one month, this foreign exchange savings have increased and crossed $19 billion again.
Bangladesh Bank maintains three accounts of reserves. The first of these is the total reserves including various funds formed in foreign currency. The total reserves include several funds, including a soft loan for ready-made garment entrepreneurs. The second is the International Monetary Fund (IMF) accounting system, i.e. a fund formed in foreign currency or excluding loan money.
Apart from this, there is another account, which is the usable reserve. Currently, it is in the $14 billion range. A country must have reserves equal to at least three months of import costs. Bangladesh is now at the bottom of that standard.
During the previous Awami League government, foreign exchange reserves fell below $19 billion twice. At that time, reserves were increased by buying dollars from foreign loans and various commercial banks. During the current government, the sale of dollars from the Bangladesh Bank’s reserves has been stopped. Again, dollars are being added from various sources constantly. This is continuously increasing the reserves. On the other hand, if the World Bank adds $1 billion, the reserves will exceed $20 billion this month.
Bangladesh Bank Executive Director and Spokesperson Hosne Ara Shikha told the media that reserves are an ongoing issue. It will decrease once, then increase again. Now the flow of expatriate income is positive, export income is also increasing. I hope the reserves will increase to 20 billion dollars soon.
