Another $1.31b to add to forex reserves in Dec

DE Online Desk
Another US$1.31 billion is being added to Bangladesh Bank’s (BB’s) foreign exchange reserves this month as the country is on track to acquire loans from different sources, including International Monetary Fund (IMF), Asian Development Bank (ADB) and South Korea.
“The second tranche ($689 million) of the $4.7 billion loan package allocated for Bangladesh by IMF will be available by next Friday. In addition to this, Bangladesh is set to receive $400 million from the ADB this month, along with $90 million from South Korea and an additional $130 million from other sources,” said BB Spokesperson Md Mezbaul Haque.
The central bank senior official said this at a press conference at BB headquarters in the capital, reports BSS.
Mezbaul Haque said, “As per the BPM-6 manual, our forex reserves currently stand at $19 billion. These loan disbursements will notably bolster our reserves.”
According to Bangladesh Bank, gross foreign exchange reserves are now $24.67 billion. Excluding loans to various sectors, the net spendable reserves are $19.13 billion.
Earlier on Tuesday, Finance Minister AHM Mustafa Kamal confirmed that IMF has approved the second portion of the $4.7 billion loan package for Bangladesh.