Bangladesh’s foreign exchange reserves experienced a notable increase in the lead-up to Eid-ul-Azha, as expatriate Bangladeshis sent more money home to support their families during the festive season.
According to data from Bangladesh Bank, the reserves rose to $24.52 billion on June 12, up from $24.21 billion at the beginning of the month.
This represents an increase of $310 million in just 12 days.
However, a different metric provided by the International Monetary Fund’s Balance of Payments and International Investment Position Manual (BPM6) shows a slightly higher increase.
According to BPM6, the reserves were $18.72 billion at the beginning of June and increased to $19.2 billion by June 12, marking an increase of $487.3 million.
The discrepancy between the figures reported by Bangladesh Bank and those by BPM6 arises from different methodologies and accounting practices. BPM6 often includes adjustments for valuation changes and other factors that are not captured in the central bank’s headline numbers.