DHAKA, Dec 30, 2024 (V7N) - Bangladesh's gross foreign exchange reserves have surpassed $26 billion, according to the latest data from Bangladesh Bank (BB). The reserves currently stand at $26.09 billion, with net reserves—calculated using the International Monetary Fund's BPM-6 standard—amounting to $21.34 billion.

Expatriate Bangladeshis have played a significant role in boosting the reserves, sending over $2.4 billion in remittances during the first 28 days of December in the 2024-25 fiscal year. Of this amount, state-owned and specialized banks received $782.27 million, while private banks handled $1,631.36 million. Cumulatively, worker remittance inflows for the fiscal year (July to December 28) reached $13.56 billion.

Governor Highlights Banking Sector Achievements and Challenges

Bangladesh Bank Governor Dr. Ahsan H. Mansur emphasized the significant progress of the country's financial sector while addressing the Golden Jubilee Celebration of the Bangladesh Institute of Bank Management (BIBM).

"The banking sector of Bangladesh has progressed a lot," Dr. Mansur remarked. However, he acknowledged that there remain untapped opportunities and areas of improvement.

"No single group or authority is solely responsible for these challenges," he noted, urging collective introspection and a unified effort to address shortcomings.

Dr. Mansur identified reluctance in financing non-conventional sectors, such as small and medium enterprises (SMEs), climate financing, and green financing, as a critical hurdle.

"Those running banks and financial institutions need to overcome their hesitations and take calculated risks in these emerging areas," he said, stressing the importance of mindset change within the industry.

The governor urged financial institutions to prioritize innovative sectors and highlighted the role of BIBM in equipping the banking workforce to address these challenges.

BIBM's Role in Financial Sector Development

Dr. Mansur commended BIBM's contributions to the development of human resources in the banking sector. As the national training, research, consultancy, and education institute on banking and finance, BIBM has played a pivotal role in strengthening leadership and management capabilities.

He encouraged BIBM to focus on challenges such as climate financing, green financing, technological innovations, and attracting international students to enhance its global reputation.

Remarks from Other Stakeholders

BIBM Director General Dr. Md. Akhtaruzzaman chaired the event, where key figures like SM Mashrur Arefin, Vice Chairman of the Association of Bankers Bangladesh (ABB), and Dr. Shah Md. Ahsan Habib, Chair of the Organizing Committee, also shared their insights.

The event emphasized the importance of institutions like BIBM in shaping the future of Bangladesh's financial sector and addressing emerging global challenges.

The milestone in foreign exchange reserves, coupled with remittance inflows and an evolving financial sector, underscores Bangladesh's economic resilience. However, stakeholders, including the central bank and financial institutions, must work collaboratively to address challenges and unlock the full potential of the banking and financial landscape.

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