Expendable reserves $16 b

TDS Desk:

Bangladesh Bank has said the country’s expendable (net) reserves is $16.03 billion. This is the first time Bangladesh Bank has released the Net International Reserves (NIR) account.

Majbaul Haque, Executive Director and Spokesperson of Bangladesh Bank, presented this information on Tuesday.

He said that, the current gross reserve of the country is 26.81 billion dollars.

According to the International Monetary Fund (IMF) accounting system, the amount of reserves is 21.83 billion dollars (BPM6) and the amount of Net International Reserves (NIR) is 16.03 billion dollars.

Until now, Bangladesh Bank used to publish information on gross and reserves in accordance with International Monetary Fund (IMF) accounting system, including various funds formed in foreign currency. Today, for the first time, they published the net reserve account.

It is revealed that, Bangladesh’s gross foreign currency reserve has stood at US$26.815 billion, but as per Balance Of Payments and International Investment Position Manual (BPM6), the amount is $21.838 billion, according to official data of from the central bank.

The Net International Reserves (NIR) of Bangladesh, however, now stands at $16.03 billion, surpassing the $14.7 billion target set for June by the International Monetary Fund (IMF).

“Gross Reserve as on 30/06/24 is $26.815 billion. As per BPM6, it is $21.838 billion and NIR is $16.03 billion,” said Bangladesh Bank (BB) Spokesperson Md Mezbaul Haque.

Bangladesh surpassed the IMF target first time since the multilateral lender’s $4.7 billion loan package was approved in February last year.