Dhaka, Bangladesh (BBN) - Bangladesh’s gross foreign exchange (forex) reserves crossed US$37 billion-mark on Monday after receiving around $700 million loans from different development partners including the World Bank.
The country’s gross forex reserves rose to $37.05 billion on the day from $36.31 billion of the previous day as disbursement of the fund by the development partners, officials said.
As per the International Monetary Fund (IMF)’s Balance of Payments International Investment Poisson Manual-six edition, generally known as BMP6, the forex reserves rose to $32.48 billion during the period under review from $31.74 billion, according to the central bank’s latest data.
Earlier on June 14 last, the country’s gross forex reserves rose to $36.10 billion from $35.80 billion of the previous day as disbursement of a fund worth $320 million by the Japan International Cooperation Agency (JICA).
Central bank officials, however, said higher remittance inflows and lower import payment obligations have also contributed to the improvement in the country's foreign exchange reserve position.
Purchasing of the US dollars from commercial banks by the central bank has also helped push up the forex reserves recently, they explained.
The central bank of Bangladesh has so far bought $6.42 billion from banks directly since July 13 last under the prevailing free-floating exchange rate arrangement.
BBN/SSR/AD