As expatriate income increases, the country's foreign exchange reserves also increase. As a result, after a long time, according to BPM-6 calculation, the reserve has reached 20 billion US dollars. However, the net international reserve (NIR or expendable reserve) is still close to $15 billion. Bangladesh Bank's reserves peaked at $48 billion (48 billion) in August 2021.
According to the updated data of Bangladesh Bank, the gross reserve as of November 6 is 2 thousand 573 million US dollars or 25.73 billion dollars. And according to the International Monetary Fund (IMF) accounting system BPM-6, the reserve is now 2 billion dollars (20 billion). At the beginning of last month i.e. on October 2, gross reserves were 24.74 billion and BPM-6 was 19.76 billion.
Apart from gross reserves and BPM-6, Bangladesh Bank has another account of net or actual reserves, which is not disclosed to the IMF. At the end of November 6 of this year, Bangladesh Bank has an expendable reserve (NIR) of USD 1,500 million.
5 and a half billion dollars per month, this reserve cannot meet the import expenses of three months. Normally a country should have reserves equal to minimum 3 months import cost. Meanwhile, one and a half billion dollars will be paid for the Asian Clearing Union (ACU) import debt this month. As a result, the reserve will decrease slightly.
Bangladesh Bank Executive Director and Spokesperson Husne Ara Shikha said that the flow of remittances sent by expatriates has increased. As a result, the country's foreign exchange reserves are increasing, which is a positive aspect for the economy. We hope that this flow of increasing remittances will continue in the future. Regarding payment of outstanding debts, he said, this is a regular process. This liability has to be paid every two months. It is normal for reserves to decrease when the bill is paid.
According to the data of Bangladesh Bank, in the first month of the fiscal year 2024-25, expatriates sent remittances of US$ 190 million to the country. Which was the lowest in last 10 months. After the formation of the new government, many expatriates started a campaign to send remittances through legal channels to build the country. As a result expatriate income started increasing again.
In August, the expatriate income in the country increased to 2.22 billion US dollars (2.22 billion). Remittances increased further last September. This month comes 240 million 48 million (2.40 billion) US dollars. In domestic currency, the amount is 28 thousand 857 crores (120 rupees per dollar). This is the second highest expatriate income in a single month in the last four years.
Earlier, in the last month of June, $254 million remittances came through the banking channel and before that, in July 2020, $259 million 82 million remittances came. About 240 million (2.40 billion) US dollars remittances came in October. In domestic currency, the amount is 28 thousand 740 crores (120 rupees per dollar). In October, average daily remittances to the country reached 77.3 million dollars.
