As of June 2034, foreign exchange holdings in Bangladesh’s commercial banks surged to a record high, primarily due to rising remittance receipts and lower import payments, alongside new incentives. The increase provides relief to the economy, which has faced significant challenges from dwindling forex reserves. The recently enacted Offshore Banking Act 2024, which offers attractive terms such as 9% interest and flexible withdrawals, has also contributed to this boost.
By the end of June 2024, gross foreign exchange in commercial banks reached $6.10 billion, a 21% increase from $5.05 billion the previous month. This is the second-highest level recorded, following $6.17 billion in September 2023. The central bank’s strategy to appreciate the exchange rate to Tk 117 per dollar and the offshore banking incentives have been key factors in attracting more remittances and increasing forex reserves.
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