Bangladesh’s forex reserves recover to over USD21B in December
(MENAFN) Bangladesh's foreign exchange reserves rebounded to over USD21 billion by the end of December 2024, reversing a prolonged decline, according to the latest data from the central bank.
The Bangladesh Bank reported that reserves stood at USD21.359 billion on December 31, based on the International Monetary Fund's (IMF) calculation method, up from USD18.61 billion at the end of November.
For a growing economy like Bangladesh, maintaining forex reserves sufficient for six months of import payments is considered ideal. However, with the current reserves, officials noted that the country can cover nearly four months of import bills.
Bangladesh’s gross foreign exchange reserves had peaked at an all-time high of USD48 billion in August 2021.
To address dwindling reserves, the central bank has implemented various strategies, including providing incentives to encourage remittances from millions of Bangladeshi expatriates.
Remittances, a key source of foreign currency for the country, amounted to USD13.78 billion during the July-December period, according to official figures.
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