Reserves fell to $37 billion

Reserves fell to $37 billion
Reserves fell to $37 billion

Dhaka: The pressure on the foreign exchange reserves is not reducing despite the various initiatives to impose restrictions on imports and increase remittances. Bangladesh Bank’s reserves stand at $37 billion after payment of import duties.

Through this, the foreign exchange reserves have decreased by 11.5 billion dollars in the last one year.

The Asian Clearing Union (ACU) on Wednesday billed $1.74 billion for July-August imports. On the same day, Bangladesh Bank sold another $50 million to commercial banks. In total, reserves fell to $37.20 billion.

Officials of the concerned department of Bangladesh Bank said that according to the policy, the import bills of 9 countries (Bhutan, India, Iran, Nepal, Myanmar, Pakistan, Sri Lanka, Maldives and Bangladesh) belonging to Akura are paid every two months. On Wednesday, Bangladesh Bank has completed all activities for payment of Akur’s import bills. As the bill is paid through the Federal Reserve Bank of the United States, the amount of the bill is usually deducted after midnight on Wednesday and Bangladesh Bank withdraws it from the reserve the next day.

According to Bangladesh Bank sources, on Wednesday, 50 million dollars were sold from the central reserve to the respective banks to pay the import bills of government projects and daily commodities. In this, the amount of reserves decreased to 38.94 billion. And from there $1.74 billion was billed for accrual payments. From there, the concerned authorities cut the Aku bill at midnight.

According to the data of Bangladesh Bank, the amount of reserves in the last week of August last year was 48.60 billion. And on Wednesday after Aku payment stood at 37.20 billion. As such, the reserves have decreased by 11.40 billion dollars in the span of 1 year.

In this regard, the officials of Bangladesh Bank said that usually it is considered ideal if a country has a reserve for payment of 3 months of import bills. It is possible to pay import bills for more than 5 months with our current reserves.

Bangladesh Time: 1848 hours, September 08, 2022
SMAK/MMZ

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