Jumbangla Desk: To bring ‘stability’ to the turbulent dollar market, Bangladesh Bank continues to sell dollars from reserves in continuation of the last financial year. The central bank has sold 256 crore 90 lakh (2.57 billion) dollars of foreign currency reserves in two months and 1 day (July 1 to September 1) of the current financial year 2022-23. Never before in the country’s history have so many dollars been sold from the reserves in one fiscal year.
If dollars are sold at this rate, the figure will be $15 billion at the end of the fiscal year. Which was half of last year. That year, 7.67 billion dollars were sold from the reserve. And under the pressure of selling this dollar, the reserve has further decreased.
Despite the increase in remittances sent by expatriates, one of the main sources of reserves, Bangladesh’s reserves fell to 39.05 billion dollars at the end of Thursday. Bangladesh Bank continues to sell dollars from reserves to bring ‘stability’ to the dollar market. On the last day of last week, Thursday, 76 million dollars were sold to some banks.
In addition, Bangladesh Bank officials said that after the payment of the Asian Clearing Union (AKU) import bill for the period of July-August next week, this one of the most important and sensitive indicators of the economy will fall below 38 billion dollars.
The reserve fell below $40 billion after Akura paid nearly $2 billion in import bills on July 12. Reserves then fluctuated between $39.80 and $40 billion as of July 20. By the end of July, it had fallen below $39.50 billion.
Reserves rose to $39.70 billion at the end of July as remittances increased. Due to the selling of the dollar, it turned lower again.
Economists and bankers said the market’s buying of dollars contributed to the reserves crossing the milestone of $48 billion in August last year, surpassing all previous records.
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