Bangladesh's foreign exchange reserves have grown to go past $20 billion after nearly two months thanks to migrants sending increasing amounts of funds as remittance.

The country's foreign exchange reserves, as per the calculation method of International Monetary Fund, went past $20 billion today, rising from $19.87 billion a week ago, according to the central bank data.

"This is the impact of increased flow of remittances," said Husne Ara Shikha, spokesperson of Bangladesh Bank (BB). 

Bangladeshis living and working abroad sent a total of $8.93 billion in remittance in the July-October period of fiscal year 2024-25, up 30 percent year-on-year, as per the BB.

The BB data showed that gross reserves rose to $25.72 billion from $25.44 billion a week ago.

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Forex reserves on the rise: BB Governor assures stability

The country's forex reserves as per the IMF's calculation method were at $20.55 billion in early September this year.

It fell below the $20 billion mark after the payment of $1.37 billion in import bills for July and August under Asian Clearing Union, an arrangement for the settlement of payments among nine member countries.

BB Deputy Governor Md Habibur Rahman said the central bank has been buying foreign currencies from banks.

"Purchases will continue. We see a good supply of the US dollar, and we will buy the foreign currencies, keeping the forex market stable," said Rahman, who was previously serving as chief economist of the BB.

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Increased remittance inflow encouraging

The central bank sold $9.4 billion of foreign currencies in FY24.