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Reserves are below $38 billion

Reserves are below $38 billion
Reserves are below $38 billion

The Russia-Ukraine war has caused the price of everything to rise. This has increased the cost of imports. The pressure is falling on foreign exchange reserves. Foreign exchange reserves in the country have decreased to 37.6 billion dollars. Earlier, on July 29, 2020, reserves stood at $37.11 billion.

According to the relevant sources of the central bank, it will be possible to meet the import expenses of 4 and a half months with the amount of reserves in the country (8 billion dollars per month as import expenses).

According to the data of the central bank, last Wednesday (September 7) the reserve was 38.94 billion dollars. After paying 1.73 billion 5 million dollars (one decimal 735 billion) for import money on Thursday, it came down to 3 thousand 706 billion (37.06 billion) dollars.

According to sources, last year in the last week of August, the amount of reserves was 48.60 billion dollars. Current reserves will cover 4.5 months of import expenditure ($8 billion per month).

Bangladesh Bank is selling interbanks at Tk 95 per dollar only to meet government fuel and emergency food import liabilities. Which was 86 rupees earlier. Banks can sell dollars to customers at a higher rate of one taka from here. But no dollar is being traded in banks at interbank rates.

Banks are spending Rs 104 to 107 per dollar to collect remittances from abroad. But collecting from the exporters at a relatively low price i.e. below 100 rupees per dollar. Those who have to pay 101 to 103 rupees for cashing the export bill. In this way, banks are adjusting prices by buying dollars at different rates.

The article is in Bengali

Tags: Reserves billion

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