Forex reserves cross $30 billion again

Bangladesh’s foreign exchange reserves on Wednesday once again reached $30.01-billion mark which was $29.95 billion on Tuesday as the inflow of remittances is now maintaining an upward trend ahead of Eid-ul-Azha.

As per Bangladesh Bank data, between 1-20 June, $1.53 billion had entered the country as remittance. In the same period of last year, this figure was $1.10 billion.

In the Fiscal Year 2022-23, the Bangladesh Bank sold $13.43 billion from the reserves.

The sales are usually used to fund government LC payments and procure essential goods.

After the government paid $1.1 billion in import bills to the Asian Clearing Union, or ACU, for March and April, the reserves fell to $29.7 billion on 8 May.

It rose again on 10 May, reaching $30.36 billion which was $29.78 billion just a day ago.

Bangladesh Bank data from May 25 shows that the reserves fell again to $29.96 billion.