Bangladesh's foreign exchange reserves surpass $26 billion mark
The International Monetary Fund (IMF) has commended the stabilization of the foreign exchange market in Bangladesh, a positive sign for the country's economic stability and growth.
The recovery of the foreign exchange reserves in Bangladesh is attributed to an increase in remittance inflows, the central bank's dollar purchases from commercial banks through auctions, and the resilience shown after a payment of $1.50 billion to the Asian Clearing Union (ACU).
The current gross reserves stand at $26.08 billion, according to the BPM-6 method. This comes after a dip below $26 billion due to the ACU payment, as reported earlier this month.
The stabilization of the forex market in Bangladesh is under the leadership of CA Yunus. Arief Hossain Khan, the central bank's spokesperson and Executive Director, made this announcement on September 17.
It is important to note that the central banks of the member countries in the ACU settle import liabilities every two months. The recovery of the foreign exchange reserves after the ACU payment indicates a resilience in the Bangladeshi economy.
The rise in foreign exchange reserves in Bangladesh is not just attributed to the aforementioned factors, but also due to the recovery after the ACU payment. The foreign exchange reserves have picked up again after the ACU payment, according to Arief Hossain Khan.
Bangladesh's foreign exchange reserves have exceeded $26 billion, as reported by the Bangladesh Bank. This is a significant milestone for the country's economy, signifying a steady and positive trajectory.
The IMF's commendation of the stabilization of the forex market in Bangladesh is a testament to the effective measures taken by the central bank and the government to ensure economic stability. The continued focus on these efforts is crucial for maintaining the momentum and driving further growth in the Bangladeshi economy.
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