The International Monetary Fund (IMF) has praised the recent rise in Bangladesh’s foreign exchange reserves, describing it as a key achievement under the ongoing IMF-supported reform program.

“The accumulation of reserves is considered a central objective of the IMF-supported program, particularly given that the country continues to face balance of payments pressures,” said Thomas Helbling, Deputy Director of the IMF’s Asia and Pacific Department.

He was speaking at a press briefing in Hong Kong on Friday on economic developments across the Asia-Pacific region, according to BSS.

Helbling said the increase in reserves was essential for reducing external vulnerabilities and strengthening Bangladesh’s balance of payments position. He noted that the IMF welcomed the central bank’s recent success in rebuilding reserves after a prolonged period of pressure on foreign exchange holdings.

As of October 16, Bangladesh’s reserves stood at $27.35 billion by IMF standards, up from $19.93 billion a year earlier. The increase has been attributed to stronger inflows, including remittances and export earnings, alongside the Bangladesh Bank’s purchases of foreign currency from the market.

Helbling also confirmed that an IMF mission would visit Dhaka later this month to conduct the fifth review of the country’s $5.5 billion loan program. The review will assess progress on fiscal and monetary reforms, as well as the consistency of the central bank’s interventions with its declared exchange rate regime.

“The mission will be in the field to hold discussions with the authorities, and it remains to be seen what the outcome is,” Helbling said.