Foreign exchange reserves fell by $1.30 billion in July

According to the International Monetary Fund’s (IMF) BPM-6 method, Bangladesh’s foreign reserves decreased by $1.30 billion to $20.49 billion in July.

Net reserves declined to $15.47 billion in the month ended recently, according to Bangladesh Bank data released today (August 1).

Previously, the central bank published reserves data on a weekly basis, but the latest figures were released a month later.

According to the BPM-6 method, foreign exchange reserves amounted to USD 21.79 billion at the end of June.

Meanwhile, remittance inflows fell to a 10-month low of $1.91 billion in July.

Year-on-year, remittance inflows into the country fell by 3%, Bangladesh Bank spokeswoman Mezbaul Haque confirmed to The Business Standard. In July last year, remittance inflows stood at $1.97 billion.

According to the Central Bank, Bangladesh receives an average of $2 billion in remittances from expatriates.