Aku’s bill-paying reserves fell to $19 billion

Silk City News Desk

Due to the ongoing dollar crisis in the country, foreign exchange reserves are continuously decreasing. Among these, Bangladesh has paid $121 million for the import bill of Asian Clearing Union (ACU) for the months of September and October. As a result, foreign exchange reserves have decreased to 19.45 billion dollars.

According to Bangladesh Bank data, reserves have decreased due to payment of two months’ import bills of Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka under Akur’s jurisdiction. At present the gross reserve is 26.42 billion dollars. But there is a difference of 5.76 billion dollars with Bangladesh Bank’s calculation based on BPM-6 method as per IMF advice. Accordingly, the actual reserve is 20.66 billion. From here, after paying Akur’s bill, the country’s reserves have come down to 19.45 billion dollars.

In this regard, Bangladesh Bank Executive Director and Spokesperson. Mejbaul Haque said, Aku’s bill has been paid. However, the bill payment voucher has not yet arrived. It will be known officially tomorrow. According to IMF’s Balance of Payments and Investment Position Manual (BPM 6), which is widely used around the world, the reserve calculation includes various funds constituted by Bangladesh Bank as well as loan guarantees given for aircraft, loans given to Payra Port Authority, deposits with Islamic Development Bank and securities below certain grades. Investment reserves are not included. Bangladesh Bank has been showing these as reserves for so long. Due to the exclusion of these accounts, there is a decrease of 5.76 billion dollars.

IMF approves $4.7 billion loan proposal to Bangladesh with certain conditions. Bangladesh received 476.2 million 70 thousand dollars of the first installment of that loan last February. One of these conditions was that the actual reserve should be kept at $2,446 million in June, $2,530 in September and $2,680 in December. However, the company recently relaxed these conditions.

According to the data of Bangladesh Bank, the reserve has decreased to this level since last year. Which was growing consistently before. 10 years ago at the end of June 2013, foreign exchange reserves were only 15.32 billion dollars. Five years ago it was 33.68 billion dollars. From there, foreign exchange reserves rose to $39 billion on September 1, 2020. A new milestone of $40 billion was crossed on October 8 of that year.

After that, it increased even in the midst of the corona epidemic, the accumulation or reserve of Bangladesh’s foreign currency set a record on August 24, 2021. On that day, the reserve rose to 48.04 billion dollars or four thousand 804 million dollars. After that, the reserves have been decreasing continuously since last year due to the dollar crisis.

According to the data of the central bank report, the reserve was 21.50 billion dollars in the last financial year 2013-14. In the fiscal year 2014-15 it was 25.02 billion dollars. 30.35 billion dollars in 2015-16. 33.67 billion dollars in 2016-17 fiscal year.

Reserves in 2017-18 were $32.94 billion. In the fiscal year 2018-19 it was 32.71 billion dollars. 36.3 billion in the financial year 2019-20. Reserves for the fiscal year 2020-21 were $46.39 billion.

In the fiscal year 2021-22, the reserve decreased to 41.82 billion dollars and lastly in the fiscal year 2022-23, it stood at 31 billion dollars.