Forex reserves go past $20 billion mark after loans from IMF, ADB

Bangladesh's foreign currency reserves rose to $20.41 billion today after $1.09 billion in loans from two global lenders were added to the central bank's account, said an official.

Bangladesh Bank Executive Director and Spokesperson Md Mezbaul Haque shared the information during a media briefing at the central bank headquarters.

Before the loans from the International Monetary Fund (IMF) and the Asian Development Bank (ADB) were credited to the BB account on Thursday, the reserves stood at $19.17 billion.

Of the sum, $689 million came from the IMF and $400 million from the ADB.

Amid higher import bills against moderate remittance and export receipts, the gross international reserves of Bangladesh slipped to $24.3 billion in 2022-23 from $36 billion in 2019-20. It stood at $46.4 billion in 2020-21, the highest on record.

The depleted reserves have prompted the government to turn to global lenders to tackle macroeconomic pressures, stop the further fall of the local currency, and rein in consumer prices.

The World Bank is considering a $500 million budget support in the current fiscal year under two programmes.