The country’s foreign exchange reserves increased to $34.43 billion. According to the latest information of Bangladesh Bank, the figures were confirmed by the central bank’s executive director and spokesperson Arif Hossain Khan on Thursday (April 2nd).
According to the International Monetary Fund’s (IMF) BPM-6 account system, the reserve amount stands at $29.81 billion, which is considered a usable reserve.
Record flow in remittances
In March, the country’s remittance flows set a new record. The expatriates sent a total of $3.75 billion to the country in the 31st day of the month, the highest in the country’s history as a single month.
According to the bank-based bank, more than $64 billion remittances have come through state-owned banks. About $46 million has come through Bangladesh Krishi Bank among the specialized banks.
Private banks have carried a large part of the flow, with a total of $264 crore in remittances. On the other hand, the country has come relatively low through foreign banks, about one crore to 20 thousand dollars.
Analysis
According to economists, the increase in remittance flows is the main driving force of reserve growth. Amid the global economic uncertainty, the continuity of expatriate income is playing an important role in maintaining the balance of foreign transactions in the country.
However, they have warned that import costs, foreign debt repayment and volatility in the global market could put pressure on the reserves in the future.