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Foreign exchange reserves fell to $37 billion

Foreign exchange reserves fell to $37 billion
Foreign exchange reserves fell to $37 billion

The amount of foreign currency reserves in the country has decreased to 37.06 billion dollars. The reserve has come down to this figure after payment of liabilities to the Asian Clearing Union (ACU). In local currency, the amount is about 3 lakh 53 thousand crores.

1.74 billion dollar bill was paid for July-August imports as accrual liability. On the same day, Bangladesh Bank sold a little over $50 million to commercial banks. In total, the reserves decreased to 37.06 billion dollars or 37.06 billion dollars. Earlier the amount of reserves was 38.94 billion dollars. Due to payment of import payments, the reserves started decreasing from May this year. Foreign exchange reserves have also been heavily impacted by disruptions to global supply chains due to the Russia-Ukraine war.

The country’s reserves began to come under pressure as imports increased in comparison to exports and could not sustain the desired remittance flow. However, due to import controls, the amount of debt repayment has decreased. Imports have fallen by about one-third in the past two months. As a result, the debt repayment pressure has also been reduced.

An official of the central bank said that after two months Akur paid the import bill of 9 member countries (Bhutan, India, Iran, Nepal, Myanmar, Pakistan, Sri Lanka, Maldives and Bangladesh). On Wednesday, Bangladesh Bank has completed all the activities of payment of Asian Clearing Union (AKU) liabilities. Because bills are paid through the Federal Reserve Bank, the bill is usually debited after midnight. Bangladesh Bank removed it from the reserve account the next day. As a result, that amount of money was removed from the Bangladesh Bank Reserve on Thursday.

Meanwhile, the demand for dollars within the country has increased at a huge rate, so the price of Huhu has increased. The central bank is also selling dollars to deal with the situation. On the last day of the week, the central bank sold 50 million dollars at the rate of 95 taka to the respective banks to pay the import bills of government projects and daily commodities. Note that the reserve increased to 48 billion dollars in 2021, breaking all previous records. At the end of the last financial year, the reserves fell to 42 billion dollars. Then the reserves fluctuated between 39.80 billion and 40 billion dollars until last July 20.

The article is in Bengali

Tags: Foreign exchange reserves fell billion

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