Forex reserves rise by $180 million in a week

Bangladesh's foreign currency reserves have risen to $18.61 billion on May 21, an increase of $180 million from a week ago, central bank figures showed.

It was $18.43 billion on May 15, according to a central bank calculation based on the International Monetary Fund's Balance of Payment Manual 6.

The Bangladesh Bank began calculating forex reserves in line with the new method in July last year as per suggestions of the lender, which approved a $4.7 billion loan in January that year.

Tuesday's reserves were far lower than the $41 billion the country reported in August 2021. Since then, import payments have risen faster than remittance earnings and exports, bringing the reserves to the current level.

On May 11, the holding of the international currencies slipped below the $19 billion mark for the first time in 11 months.

As per BPM6, gross foreign reserves include gold, cash US dollars, bonds and treasury bills, reserve position in the IMF, and special drawing rights holdings.