Bangladesh forex reserves slip below $40bn
12 July 2022, 08:02 pm | Updated: 22 November 2024, 05:04 am
Bangladesh’s foreign exchange reserves on Tuesday declined to USD $39.77 billion or below 40 billion mark for the first time in two years, according to updated data of the central bank.
The drop has been attributed to Bangladesh Bank’s import payments of $1.99 billion last week to the Asian Clearing Union (ACU).
Bangladesh, Bhutan, India, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are members of ACU. The central banks of these countries have to make the payments every two months, reports UNB.
The reserves have been under stress for the past couple of months due to surge in the import bills and drop in the inward remittance.
Bangladesh’s foreign exchange reserves soared to record amount of $46.15 billion in December last year.
