Monday 29, May 2023

Bangladesh forex reserve below $37b: Reports

Time Digital News: Bangladesh's foreign exchange reserves today dipped below $37 billion due to high import payments against the slower than expected export earnings.

The reserves stood at $36.98 billion on Wednesday, down from around $37 billion a day ago, according to data from Bangladesh Bank.

The country's reserves stood at $46.19 billion in September last year.

The reserves slid after the central bank sold $70 million to several banks today to facilitate them for clearing import bills.

The central bank has so far injected more than $3 billion into the market this financial year after supplying a record amount of $7.62 billion in the last fiscal year.

Imports surged to $5.86 billion in July this fiscal year, up 23.2 per cent from a year prior.

Exports grew 14 per cent to $3.9 billion and remittance flow rose 11.76 per cent to $2.09 billion.

A high official of a commercial bank said remittances have declined in the last couple of days, putting pressure on the reserves.


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