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Reserves fell to $19 billion

Reserves fell to $19 billion
Reserves fell to $19 billion

The country’s net foreign exchange reserves have further decreased to 19 billion (one billion in 1 billion) dollars this time. Net reserves fell to $1,958 million on Tuesday after the Asian Clearing Union (ACU) paid off $1.17 billion in debt. At the same time, the gross reserves decreased to 25 billion dollars. This information is known from Central Bank sources.

Central Bank Executive Director and Spokesperson Majbaul Haque said on Tuesday night that Akur’s debt has been paid. However, the debt adjustment voucher has not yet been received. Due to which the actual amount of reserves is not known. However, the amount paid for the outstanding debt will be excluded. At the same time some more dollars have been added to the reserve, along with which the true picture of the reserve will be available today.

According to sources, the 8 member countries of Akur are engaged in import-export trade for the rest of the two months. After every two months the balance is reconciled through it. Bangladesh imports more from ACUR member countries and exports less. That’s why Bangladesh has to pay huge amount of debt together in every installment. This reduces the reserve.

On Tuesday, $1.17 billion in import debt for September and October was paid. Before paying this debt, the gross reserve was 2 thousand 651 million dollars. After paying off the debt, the reserves have come down to $2,534 million. At the same time, the net reserve decreased from 2 thousand 75 kt dollars to 1 thousand 958 billion dollars.

However, if the final calculation of reserves is done today, its amount may increase slightly. Because, in this, some more dollars of remittance and export earnings will be added to the reserves. This will increase the amount of reserve slightly. But the net will not increase much. Because commercial banks have to sell dollars from reserves almost every day to pay their import liabilities and foreign debts. The reserve is decreasing.

In the last financial year, 1 thousand 357 million dollars have been sold to the banks from the reserves. About 4.5 billion dollars have been sold till October of the current financial year. Banks used these dollars to pay off import liabilities and installments of foreign loans. But now the central bank has reduced the sale of dollars from the reserve. Due to which the banks are struggling to repay the LC liabilities and foreign loans.

Meanwhile, commercial banks are being told by the central bank to increase dollar collection from their own sources instead of depending on the central bank for dollars. Now the banks are collecting the remittance by paying extra money against the remittance. This has increased the remittance flow of some banks.

Through Akur, Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka import and export goods within two months.

Gross foreign exchange reserves of the country reached a maximum of $4,806 million in August 2021. Now it has reduced to 2 thousand 534 million dollars. At that time, the reserves decreased by 2 thousand 272 million dollars. Meanwhile, the reserves are much less than the limit set by the IMF. That’s why the IMF has proposed lowering its cap. It will be final if approved by the IMF’s Executive Board.

The article is in Bengali

Tags: Reserves fell billion


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