IMF support lifts forex reserves to $48b
Bangladesh's foreign exchange reserve has hit a record high of $48 billion after it secured $1.44 billion in financial support from the International Monetary Fund (IMF).
On Monday, the Washington-based multilateral lender provided the fund to Bangladesh under the special drawing rights (SDR).
The SDR is an international reserve asset created to supplement the official reserves of the member countries.
It is not a currency. It is a potential claim on the freely usable currencies of the IMF members.
The reserves, one of the major macroeconomic indicators of an economy, stood at $39.04 billion in August last year.
A strong inflow of remittance has also helped the country build up its foreign exchange reserves, said an official of the Bangladesh Bank.
Bangladesh's diasporas sent home $24.78 billion in fiscal 2020-21, the highest on record in a single year, in contrast to $18.20 billion a year ago.