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Bangladesh’s foreign exchange reserves have risen to $32.14 billion, after easing pressure from payments to the Asian Clearing Union (ACU). Growth in remittances and export earnings has also contributed to the increase.
According to the latest Bangladesh Bank data, reserves stood at $32.14 billion under the International Monetary Fund’s BPM6 methodology.
The central bank said gross reserves have also increased to $36.96 billion, up from around $36.17 billion a month earlier. Reserves had declined in July after Bangladesh paid a substantial amount of its ACU liabilities, falling to $31.72 billion under the BPM6 methodology.
However, reserves have recovered within just a few weeks.
Economic analysts view the rapid recovery after the ACU payment as a positive development, saying it reflects greater resilience in the country’s external sector. Bangladesh is among nine countries that settle their import payments through the ACU.
Despite making the latest bi-monthly payment, the economy has managed to maintain stability, they said.
The positive flow of remittances and export earnings is expected to continue, while the central bank believes the country’s foreign currency reserves will strengthen further.
Improved capacity to meet international obligations is also expected to support stability in the domestic currency market.
Continued growth in reserves will strengthen the country’s balance of payments and could signal further improvement in the economy, analysts said.
