Bangladesh's forex reserves dip to $18.61 bn

Dhaka, Dec 15 (IANS) Bangladesh's foreign exchange reserves fell by 1.23 billion U.S. dollars to 18.61 billion dollars by the end of November 2024, the latest central bank data showed.

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, Xinhua news agency reported.

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

The reserves calculated under the IMF's balance of payments and investment position manual method were immediately usable, while gross reserves were also usable subject to the realization of investment.

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 totalled 11.13 billion dollars in the July-November period, official data showed.

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