The UK has far less forex reserve than Bangladesh

[Kyusuibu Honbu]

And now they don't have a bunch of far away poor countries whose wealth they can extract to keep their economy afloat

They do

 

[VikingRaider]

Indeed! Australia has 10 hours of loadshedding , Japan has three hours ( Hasan Mahmud said) , But Bangladesh has only 2 hours!

UK has far less forex reserve than Bangladesh, so uk is less developed than Bangladesh!

We became developed countries long before 2041! Who ( Bangladeshi) doesn't believe it , are Razakar/Pakistani!

 

[Bossman]

Only United States can run without forex reserves as they are the one print US Dollar. All other countries, poor or rich need to maintain sufficient forex reserves to maintain international trade including UK.

Only nominal reserves or none at all. In case of a short fall, their local currency’s are strong enough to buy any currency, any amount, any time to pay for imports in the interbank market. Usually their balance of payments have reached equilibrium so little or no impact of such trades on their exchange rates. Don’t confuse sovereign funds with reserves. Credit worthiness of a country is more important than reserves.

 

[VikingRaider]

It is crazy how rapid Britain is collapsing.

Becos of their aggressive anti- China policy stance and blindly following every US instructions.

Is such thing published in any international news source? I strongly suggest you not to trust indian and Bangladeshi media ( illegitimate child of India) !

However what about your president xi jinping? Indian news sources spread a rumor that he is house arrest.

Now you guys decide , if you want to believe Indian and Bangladeshi news sources!

 

[mike2000 is back]

Lol

 

[VikingRaider]

What a stupid article. For a country like Bangladesh with a currency that has zero external acceptance and an export basket heavily skewed towards one category of products (garments), even a forex reserve worth 12 months of import bills is not "safe".

ক্যালিফোর্নিয়া সম্পর্কে সাবধানে মত প্রকাশ করুন মিয়া ভাই!

( Be aware when you are speaking about california)

 

[Beast]

Is such thing published in any international news source? I strongly suggest you not to trust indian and Bangladeshi media ( illegitimate child of India) !

However what about your president xi jinping? Indian news sources spread a rumor that he is house arrest.

Now you guys decide , if you want to believe Indian and Bangladeshi news sources!

LOL... Pound is going to devalue to same value like USD. Maybe you want to claim that is propaganda. We all know the rotten of UK.

 

[VikingRaider]

LOL... Pound is going to devalue to same value like USD. Maybe you want to claim that is propaganda. We all know the rotten of UK.

@Beast , I'm not claiming it as propaganda! Everyone here know that I dislike west and any propaganda spread by west!

I'm just trying to counter Bangladesh govt propaganda , who are simply trying to say that since country like UK has low forex reserve , so we ( GoB) are in better position than UK!

If you know something from Chinese media, that's fine , I will accept it.

I just suggested you not to rely on India and Bangladeshi media that's all!

My message has no relationship with UK economy or pound value!

 

[Irfan Baloch]

The UK has far less forex reserve than Bangladesh​

UK has 1.5 months’ worth of forex reserve for imports while Bangladesh has 6

Dhaka Tribune
Meraj Mavis
September 27, 2022 9:57 AM

Recently, there has been some concern among businessmen, economists, bankers and other stakeholders about the declining foreign exchange (Forex) reserves of Bangladesh, but statistics show that the country’s reserve is in a stronger position than many economically sound countries in the world.

A comparative analysis by Dhaka Tribune revealed that while the reserves of the United Kingdom (UK)-- one of the economic powers of the world, have the strength to bear only one and a half months of its export expenses while Bangladesh’s reserves can cover six months of import bill.

The latest data analysis of Bangladesh Bank and Export Promotion Bureau (EPB) shows that the country's import expenditure has been decreasing over the last few months due to various initiatives by the government.

Last Sunday (September 25), Bangladesh Bank's reserves stood at $36.85 billion, whereas, according to the International Monetary Fund (IMF) data, UK reserves at the end of August were £108 billion.

The import cost of Bangladesh has been decreasing steadily for the last few months, but in the case of the UK, it has started to decrease over the last two months.

According to Bangladesh Bank, LC (Letter of Credit) or import cost payments in August were $5.93 billion, which was $7.42 billion dollars in the previous month, a decrease of $1.49 billion within just a month.

However, in the month of June, the import expenditure was $8.54 billion.

Predicting an export cost of six billion dollars in the coming months, it is possible to meet the import cost for at least six months with the current reserves.

By international standards, a country must have at least three months' worth of foreign exchange reserves to cover import costs.

Economists do not consider the present situation alarming.

Earlier, economic researcher Prof Mustafizur Rahman, distinguished fellow at the Center for Policy Dialogue (CPD), told Dhaka Tribune that the drop in remittance flow has already affected Bangladesh's macroeconomy but it is natural that the reserves will decrease if imports increase.

Still, there is nothing to worry about as the reserves are still satisfactory, he added.

On the other hand, Trading Economics data shows that the UK needs almost £69 billion every month to meet its import bill.

In July, this cost was £68.844 billion whereas, in June and May, UK’s total import cost was £69.995 billion and £70.273 billion respectively.

Former Bank of England’s Deputy Governor, John Grieve said on Monday (September 25) that Britain's foreign exchange reserves would be an ineffective means of trying to prop up a collapsing pound, which hit a record low against the dollar on Monday.

Grieve told BBC radio that reserves were one of two ways of supporting the currency, the other being the interest rates.

"We don't have very many reserves compared to the scale of currency markets. So I think that's not seen as an effective weapon," Grieve said.

Evening Brief

Everything that made headlines today

www.dhakatribune.com

dont worry about UK,
it can refill its coffers by printing notes, confiscating foreign deposits or invading a country with or without American help.
its police alone can defeat many paper tiger countries that brag about bigger armies than UK (ok maybe not police but regular forces haha)
it is still a premier force which the Yanks are proud to train and invade with.

 

[casual]

dont worry about UK,
it can refill its coffers by printing notes, confiscating foreign deposits or invading a country with or without American help.
its police alone can defeat many paper tiger countries that brag about bigger armies than UK (ok maybe not police but regular forces haha)
it is still a premier force which the Yanks are proud to train and invade with.

Times are hard for everyone right now. Tho UK is special because their pain is largely self-inflicted.

 

[Mista]

Times are hard for everyone right now.

Energy exporting countries are swimming in money. Norway with 5mil people recorded almost USD70bil of current account surplus in the first half of this year.

Norway Current Account Balance, 1981 – 2022 | CEIC Data

Norway Current Account recorded a surplus of 29.4 USD bn in Jun 2022, compared with a surplus of 37.9 USD bn in the previous quarter.

www.ceicdata.com

 

[mb444]

No country will sell oil to UK for pound. UK will have to buy dollars (or yuan) to import energy.

Dumbest comment ever... UK has its own oil and Gas. Yuan is not a hard currency, it fine to be a chinese nationalist but you make yourself in to a laughing stock with silly comments like this.

GBP remains a global reserve currency alongside USD and Euro. UK is going through a bit a tough time but it is rich enough to weather the storm.

Only nominal reserves or none at all. In case of a short fall, their local currency’s are strong enough to buy any currency, any amount, any time to pay for imports in the interbank market. Usually their balance of payments have reached equilibrium so little or no impact of such trades on their exchange rates. Don’t confuse sovereign funds with reserves. Credit worthiness of a country is more important than reserves.

Are you a graduate of whatsapp university?

What mythical currency is this...name one.

 

[bluesky]

It is crazy how rapid Britain is collapsing.

Keep on dreaming of the UK economic demise.

 

[bluesky]

LOL... Pound is going to devalue to same value like USD. Maybe you want to claim that is propaganda. We all know the rotten of UK.

1 UK pound used to buy 5 USD before WWll. It lost the value because of the war and also because it also lost its colonies.

Now, it is 1 pound is almost 1 USD. I believe the situation will change for better when the US bank interest rate falls down.

Pound and other hot currencies are now going out to the US banks because of high interest rates there. It is making the dollar strong and expensive.

People should not think London Bridge will just shortly fall down and the UK economy will collapse.

 

[casual]

Dumbest comment ever... UK has its own oil and Gas. Yuan is not a hard currency, it fine to be a chinese nationalist but you make yourself in to a laughing stock with silly comments like this.

GBP remains a global reserve currency alongside USD and Euro. UK is going through a bit a tough time but it is rich enough to weather the storm.


Are you a graduate of whatsapp university?

What mythical currency is this...name one.

Petroyuan is a thing. What do you think Russia, Iran, and Venezuela get paid in? Hint it's not in dollars. China is also working on a deal with Saudis on using yuan for energy purchase. UK on the other hand, buys energy in dollars.