Bangladesh Forex reserve falls to $32.48b after ACU payment

[Bilal9]

FE REPORT | Published: January 20, 2023 08:59:35 | Updated: January 20, 2023 16:35:50​

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Bangladesh's foreign exchange reserves stood at US$32.48 billion on Thursday, following a payment of over $1.1 billion to the Asian Clearing Union (ACU) last week.

The reserve was $33.75 billion at the end of December last, according to Bangladesh Bank statistics.

In June last year, the forex reserve was $41.83 billion and in January 2022 it was $45.2 billion.

Due to high import payments, the reserve started declining in May last year.

The global supply chain interruptions caused by the Russia-Ukraine war have had a significant impact on the forex market and reserve, officials said.

The ACU is an arrangement to settle payments for intra-regional transactions bimonthly among the member countries, including Bangladesh.

 

[UKBengali]

This is just a lag as some import bills from previous months is only being paid now.


Last 2-3 months imports have come down drastically and exports + remittances have been high.

BD could get to near 40 billion US dollar reserves by June this year.

 

[Skull and Bones]

That’s still 8X higher than the country our OP admires from the depth of his heart.