The country appears to have overcome its months-long dollar crisis, as remittance inflows surge and foreign exchange reserves climb, offering relief to the banking sector and importers.
Banks are no longer facing shortages of US dollars, central bank officials said Wednesday. Instead, Bangladesh Bank is now purchasing more dollars than it is selling into the market, marking a significant reversal from earlier pressures that had rattled foreign trade and caused delays in opening letters of credit (LCs).
According to the latest data from Bangladesh Bank, the total reserves in the country as of May 22 stood at 2,564 crore 27 lakh 40 thousand dollar or 25.64 billion US dollars.
According to the accounting method BPM6 prescribed by the International Monetary Fund (IMF), the amount of reserves at this time was 2,027 core 27 lakh dollar or 20.27 billion dollars.
According to the statistics of the central bank, the gross reserves in the country as of May 19 were 2,544 crore 44 lakh 30 thousand dollar or 25.44 billion dollars. And according to the IMF's BPM6 accounting method, the reserves were a little over $20.70 billion. The country's net or real reserves are determined according to the BPM6 criteria. Where the amount of real reserves is calculated by excluding short-term liabilities.
The country's reserves are mainly increasing based on remittances. Record remittances have come into the country over the past few months. Remittances sent by expatriates have played a key role in increasing the reserves.
According to Bangladesh Bank sources, $1.61 billion in remittances came into the country in the first 17 days of May. Last March, more than $3.28 billion in remittances came into the country, which is the highest in any single month in the country's history. And last April, $2.75 billion in remittances came into the country. In local currency (at 122 taka per dollar), which amounts to 33,574 crore taka.
From July 2024 to May 7, 2025 of the current fiscal year, expatriates have sent a total of 25,273 million US dollars in remittances, which is the highest remittance in any particular fiscal year in the country's history and 19,720 million US dollars more than the same period in the previous fiscal year.
According to Bangladesh Bank, in the first month of the fiscal year, in July, 1.913 billion US dollars in remittances were received.
In August, 2.221 billion US dollars were received. Then in September, 2.404 billion US dollars were received, and in October, 2.395 billion US dollars were received. The next month, in November, 2.2 billion US dollars were received, in December, 2.64 billion US dollars were received. Then in January of this year, expatriates sent remittances of 2.19 billion US dollars and 2.53 billion US dollars in February.
The surge in remittances has stabilized the dollar exchange rate in both interbank and open markets. Banks are currently buying dollars at around 121 taka and selling at approximately 122 taka. Some non-bank transactions report higher selling rates of 123 to 124 taka.
In the curb market, the dollar is being sold at 125 to 126 taka, although traders note that demand has fallen sharply compared to earlier in the year.
Bangladesh Bank Governor Dr. Ahsan H. Mansur said that currently, the foreign exchange reserves of Bangladesh Bank will increase to 30 billion dollars next month (June). There is a target to take the reserves to 40 billion dollars, which requires time. And for this, emphasis must now be placed on strengthening the banking sector to provide the best service to everyone.
(Translated by Tanvir Raihan)
