Dhaka, May 21 -- Bangladesh Bank Governor Dr Ahsan H Mansur on Wednesday projected that the country's foreign exchange reserves will rise to $30 billion by June, with a further target of reaching $40 billion in the upcoming fiscal year.

He made the remarks at an event organised by the Policy Research Institute (PRI), highlighting the central bank's outlook on the economy and banking sector.

"By next month, the reserve will be between $27 billion and $30 billion. There is a target to raise the reserve to $40 billion in the next fiscal year," Dr Mansur said.

He also addressed the challenges facing the microcredit sector, noting that high interest rates are becoming increasingly unsustainable.

"Microcredit with a 26 percent interest rate...