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Business

Bangladesh’s forex reserves to hit 4-year low in FY23: IMF

But it will start increasing from FY24 and hit at $53.1 billion in FY27
Star Business Report
Tue Jan 31, 2023 07:50 PM Last update on: Tue Jan 31, 2023 08:02 PM
'Countries should act now to limit rising risks from corporate distress'

Bangladesh's gross foreign exchange is likely to stand at $30 billion at the end of 2022-23 fiscal year, lowest in four years, according to the International Monetary Fund (IMF).

The amount is equal to meeting 3.5 months' imports of Bangladesh, said the multilateral lender in a statement released on January 30 after its executive board approved loan equivalent to $4.7 billion for Bangladesh.

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The IMF said the 42-month programme will help the nation preserve macroeconomic stability, protect the vulnerable, and foster inclusive and green growth.

As of January 25, Bangladesh's foreign exchange reserve was $32.29 billion, according to Bangladesh Bank data.

The IMF's projection is $7.7 billion below the government's forecast made recently.

The Washington-based organisation projected that Bangladesh's gross foreign exchange reserves will begin to increase from the fiscal year 2023-24 and stand at $53.1 billion in the fiscal year 2026-27.

The gross reserves will be equal to 4.5 months of import payments, according to IMF's forecast.

Related topic:
Bangladesh's Forex ReservesInternational Monetary Fund (IMF)
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