Bangladesh’s foreign exchange reserves fell to $20 billion yesterday from $21.67 billion after the country paid $1.67 billion in regional import bills through the Asian Clearing Union (ACU).
Remittance inflow has continued to rise for the past few months, providing a breather for a country facing multiple challenges, including external payment pressures amid dwindling foreign exchange reserves.
Three major indicators of the economy -- imports, remittances and foreign exchange reserves -- are likely to increase in the first quarter of the current fiscal year, a positive development for the external accounts, according to the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI).
$1.42 billion of import bills for May and June were paid through Asian Clearing Union (ACU)
$1.63 billion of ACU payment was settled today
Reserves stood at $20.68 billion on Dec 20
IMF will give $689 million, ADB $400 million and other sources $220 million
Bangladesh Bank is hunting for dollars to rebuild its depleting foreign exchange reserves ahead of the January 7 national election.
Like in the outgoing financial year, the common people in Bangladesh will continue to suffer from higher consumer prices in 2023-24 as the factors behind the elevated level of inflation are unlikely to change dramatically.
Bangladesh’s foreign exchange reserves fell to $20 billion yesterday from $21.67 billion after the country paid $1.67 billion in regional import bills through the Asian Clearing Union (ACU).
Remittance inflow has continued to rise for the past few months, providing a breather for a country facing multiple challenges, including external payment pressures amid dwindling foreign exchange reserves.
Three major indicators of the economy -- imports, remittances and foreign exchange reserves -- are likely to increase in the first quarter of the current fiscal year, a positive development for the external accounts, according to the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI).
$1.42 billion of import bills for May and June were paid through Asian Clearing Union (ACU)
$1.63 billion of ACU payment was settled today
Reserves stood at $20.68 billion on Dec 20
IMF will give $689 million, ADB $400 million and other sources $220 million
Bangladesh Bank is hunting for dollars to rebuild its depleting foreign exchange reserves ahead of the January 7 national election.
Like in the outgoing financial year, the common people in Bangladesh will continue to suffer from higher consumer prices in 2023-24 as the factors behind the elevated level of inflation are unlikely to change dramatically.
The Bangladesh Bank has projected that loan repayments against mid- and long-term foreign credits secured by the private sector might fall by 42.6 per cent in 2023, but the development might not bring about major relief for an economy reeling under the forex crisis.
