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The Financial Express

Bangladesh’s forex reserves cross $34 billion mark for the first time

| Updated: June 04, 2020 20:23:56


A US dollar sign is seen in this illustration A US dollar sign is seen in this illustration

Bangladesh’s foreign exchange reserves have crossed US$34 billion mark for the first time, after a substantial amount of fund was received from a multilateral donor agency, officials said.

The International Monetary Fund (IMF) has released funds worth $732 million to Bangladesh to address the COVID-19 Pandemic.

The forex reserves stood at $34.23 billion on Thursday from $33.47 billion of the previous working day, according to the Bangladesh Bank (BB)’s latest statistics. The previous highest reserves amounting to $33.68 billion were recorded on September 05, 2017.

"Our forex reserves crossed $34 billion on the day setting a new record in the history of Bangladesh after receiving the fund from the IMF,” a BB senior official explained.

The IMF provided the fund as emergency assistance for Bangladesh under the Rapid Credit Facility and the Rapid Financing Instrument to address the urgent balance-of-payments and fiscal needs.

siddique.islam@gmail.com

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