The country’s foreign currency reserves rose by $180 million in the seven days till 21 May to settle at $18.61 billion, as per the Bangladesh Bank.

The reserves stood at $18.43 billion on 15 May, as per calculations done on the basis of IMF’s Balance of Payment Manual 6.

As per the IMF calculation procedure, introduced in the country in July last year, gross foreign reserves include gold, cash US dollars, bonds and treasury bills, reserve position in the IMF, and special drawing rights holdings.

Rising US dollar exchange rates, fuelled by the war in Ukraine, have spurred surging import costs to outstrip the growth in remittance inflow and export earnings for the country, eventually contributing to declines in foreign exchange reserves.

On 11 May, the central bank’s reserve of international currencies sank below $19 billion for the first time in 11 months.