Bangladesh Bank's foreign exchange reserves have increased to $20.4 billion, driven by higher a surge in remittance inflows.
Husne Ara Shikha, Executive Director and Spokeswoman of Bangladesh Bank, confirmed the updated figures on Tuesday, attributing the growth to significant remittances sent between July and August. "The flow of remittances from expatriates has played a major role in this increment," she said.
She also highlighted that with ongoing economic recovery, banks are now able to manage their dollar transactions more freely, with the dollar exchange rate stabilizing between Tk118-120. The gap between the official and curb market rates has narrowed to under 1%.
Shikha added that the foreign exchange market is expected to remain stable, thanks to active inter-bank transactions. However, the reserve, calculated using the IMF's BPM-6 method, is close to $2 billion
She said: "The price of the dollar is currently Tk 118-120. The difference between the dollar price in the banking channel and the curb market price is now less than 1 percent."
Shikha said, "We believe that the foreign exchange rate market or the dollar price will stabilise due to active interbank transactions."
