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
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.
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.