Bangladesh’s foreign exchange reserves have increased further to $34.54 billion, though the amount stands at $29.86 billion when calculated under the International Monetary Fund’s (IMF) BPM6 methodology.

Executive Director and Spokesperson of Bangladesh Bank Arif Hossain Khan said in a message that the country’s reserves rose to around $34.54 billion at the close of business on Tuesday.

The reserves have been showing an upward trend in recent weeks.

On February 9, the reserves stood at $34.6 billion, while under the IMF’s BPM6 method the amount was $29.48 billion.

Earlier, on February 2, the reserves increased to $33.25 billion, which was $28.75 billion as per the BPM6 calculation.

On January 15, the reserves reached $32.32 billion, while the BPM6 figure was $28.03 billion.

On January 8, the reserves were recorded at $32.44 billion, with $27.85 billion under the IMF’s prescribed methodology.

Officials said remittance inflows have made the biggest contribution to the steady growth in reserves. Following December’s strong performance, expatriate Bangladeshis sent over $3 billion in remittances in January as well.

The trend has continued in February, with remittances amounting to $1.807 billion received in the first 16 days of the month. Calculated at an exchange rate of Tk 122 per US dollar, the amount stands at Tk 220.45 billion.