DHAKA, June 12 (Xinhua) -- Bangladesh's foreign exchange reserves fell below 19 billion U.S. dollars by the end of May, the latest central bank data showed.
The Bangladesh Bank data showed the country's foreign exchange reserves stood at 18,633.5 million dollars on May 31, according to the International Monetary Fund (IMF) calculation method, compared with 19,975.8 million dollars on April 30.
The central bank said the gross reserves were 24,161.4 million dollars by the end of May.
The reserves calculated under the IMF's balance of payments and investment position manual method were immediately usable, while the gross reserves were also usable subject to the realization of investment.
For a growing economy like Bangladesh, forex reserves equivalent to six months' import bills are considered adequate.
With the existing reserves, however, central bank officials said Bangladesh is in a position to pay nearly four months' import bills.
Bangladesh's gross foreign exchange reserves hit an all-time high of 48 billion dollars in August 2021.
In a bid to boost shrinking forex reserves, the central bank has taken various measures, including relaxed rules, to woo more remittances from millions of Bangladeshi people living and working abroad in recent years. ■
