Net foreign exchange reserves now less than $16.0 billion

The net amount of Bangladesh’s foreign currency reserves is now less than $16.0 billion, according to local newspapers.

The newspapers published the data in reports on Tuesday citing their sources at Bangladesh Bank.

As per the latest calculation of the central bank by its own formula, the gross amount of foreign exchange reserves is $25.16 billion.

However, the amount is $19.52 billion as per the calculation based on the International Monetary Fund's Balance of Payment Manual 6 (BPM6).

In August 2021, Bangladesh’s foreign exchange reserves hit a record high of $48.0 billion.

The country's foreign exchange reserves have been depleting fast since the beginning of the war in Ukraine at a time when commodity prices soared.

High commodity prices on the international market and a slowdown in remittances have led to shortages of dollars on the foreign exchange market.