Bangladesh's forex reserves dip to 18.61 bln USD

DHAKA: Bangladesh's foreign exchange reserves fell by 1.23 billion U.S. dollars to 18.61 billion dollars by the end of November 2024, according to the data.

The Bangladesh Bank data showed the country's foreign exchange reserves stood at 18,611.40 million dollars on Nov. 28, the last working day of the month, according to the International Monetary Fund (IMF) calculation method.

The central bank, however, said gross reserves were 24.35 billion dollars by the end of November.

For a growing economy like Bangladesh, forex reserves equivalent to six months' import bills are considered adequate. With the existing reserves, however, central bank officials said Bangladesh is in a position to pay nearly four months' import bills.

Bangladesh's gross foreign exchange reserves hit an all-time high of 48 billion dollars in August 2021.

In a bid to boost shrinking forex reserves, the central bank has taken various measures including incentives to woo more remittances from millions of Bangladeshi people living and working abroad in recent years.

The country's remittances totaled 11.13 billion dollars in the July-November period, official data showed.

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