The UK has far less forex reserve than Bangladesh

[Beast]

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.

There used to be many such situation in the past but reaches never 1 pound exchange for 1 USD and plus with UK Brexit and all time all inflation since WWII. Not to mention the omen of death of Queens Elizabeth II which signal the end of UK. UK economy is at its brink.

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.

UK has it oil and gas? How gas and oil UK export, care to tell me? What weeds r u smoking? With collapse of Pound which idiot country still try to used Pound for international transaction? LOL..
They are now dumping as much pound as possible.

 

[Cheepek]

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

Why didn't Dhaka Tribune consult an economist before churning out this trash?

 

[tower9]

Keep on dreaming of the UK economic demise.

Dreaming? It’s literally happening in Timelapse before our own eyes.

 

[Destranator]

Why didn't Dhaka Tribune consult an economist before churning out this trash?

This is political propaganda to appease BAL and not an economic assessment.
The article is written by this clown. Look how giddy he is posing next to the BAL minister for economic planning:

 

[mb444]

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.

Petroyuan...lol...Its not a thing....

Brent crude market is in london, GBP and Dollar are mutually convertable and globally accessible.

Yuan is not comparible in any aspect, it is not a free currency and until it is it wont be a global currency.

There used to be many such situation in the past but reaches never 1 pound exchange for 1 USD and plus with UK Brexit and all time all inflation since WWII. Not to mention the omen of death of Queens Elizabeth II which signal the end of UK. UK economy is at its brink.


UK has it oil and gas? How gas and oil UK export, care to tell me? What weeds r u smoking? With collapse of Pound which idiot country still try to used Pound for international transaction? LOL..
They are now dumping as much pound as possible.

Umm... perhaps a little bit of reading will help you. Make Google your friend.

What is happening is a minor and temporary issue. GBP remains one of four reserve currencies of the world and nothing much is going to change that.

 

[bluesky]

There used to be many such situation in the past but reaches never 1 pound exchange for 1 USD and plus with UK Brexit and all time all inflation since WWII. Not to mention the omen of death of Queens Elizabeth II which signal the end of UK. UK economy is at its brink.

It is toooooo early to predict the collapse of the UK Pound. UK's economic fundamentals remain as it was before. Or is it not?

A currency fluctuates. But, for the last three months or so many of the hot currencies are fluctuating only because of changes in some fundamentals in the USA.

The USA suddenly raised the hourly MINIMUM salary of its citizens to US$15 which was probably $8 or something before. Millions of people got their salaries boosted by this increase.

People usually spend more money when their earnings rise. So, the increase in wages in the USA was going to cause inflation there. In order to suppress the arrival of superinflation, the US raised the bank interest rates.

It had Tsunami effects on other rich countries. Rich people there started buying dollars and depositing them in US banks. This strengthened the value of dollars and reduced the values of many hot currencies including the British Pound.

I believe within a few months the situation will reverse when the US Bank's interest rates subsidize.

 

[Invicta]

UK has it oil and gas? How gas and oil UK export, care to tell me? What weeds r u smoking? With collapse of Pound which idiot country still try to used Pound for international transaction? LOL..
They are now dumping as much pound as possible.

UK has 4 oil rigs in ready state commissioned in 2007 at the Clare Ridge offshore drilling area close to Shetland Islands. Output is limited as the plan was curtailed during the recession and afterwards USA started pumping its fracked oil in the market. If push comes to shove the site will get activated to full production again, I believe they always maintain a skeleton crew to ramp up production when required.

United Kingdom Oil Reserves, Production and Consumption Statistics - Worldometer

Current and historical Reserves, Production, and Consumption of Oil in the United Kingdom. Global rank and share of world's total. Data, Statistics and Charts.

www.worldometers.info

Maybe try giving up your CCP issued propaganda manual and looking at issues in a more rational way.

 

[Black Tornado]

Global currencies will rebound and appreciate once inflation in the USA eases out and fed reduces interest rates.

 

[mb444]

Why didn't Dhaka Tribune consult an economist before churning out this trash?

It would have required intelligence and guts. This is BAL exceptionalism at work to hide corruption and economic mismanagement.

 

[bluesky]

Why didn't Dhaka Tribune consult an economist before churning out this trash?

All newspapers in Bangladesh are controlled by the present BAL govt led by autocrat Hasina Bibi. The newspapers follow the dictates of the Information ministry.

Failing to do so may cause the closure of a newspaper's publishing. It may also happen that BAL Hooligans would suddenly attack the newspaper office and would beat up the Editor and staff and destroy furniture. This is Golden Bangladesh.

This news was CREATED only to soothe the minds of BAL stupids that you can see roaming also in this forum many with two British flags.

 

[aziqbal]

sure but all the Bangladeshi want to come to the UK

and no one from UK wants to go to Bangladesh

 

[BananaRepublicUK]

It is toooooo early to predict the collapse of the UK Pound. UK's economic fundamentals remain as it was before. Or is it not?

A currency fluctuates. But, for the last three months or so many of the hot currencies are fluctuating only because of changes in some fundamentals in the USA.

The USA suddenly raised the hourly MINIMUM salary of its citizens to US$15 which was probably $8 or something before. Millions of people got their salaries boosted by this increase.

People usually spend more money when their earnings rise. So, the increase in wages in the USA was going to cause inflation there. In order to suppress the arrival of superinflation, the US raised the bank interest rates.

It had Tsunami effects on other rich countries. Rich people there started buying dollars and depositing them in US banks. This strengthened the value of dollars and reduced the values of many hot currencies including the British Pound.

I believe within a few months the situation will reverse when the US Bank's interest rates subsidize.

Bangladeshi newspapers are only good for one thing.

For lighting a bonfire.

But too rough for wiping your backside.

 

[bluesky]

Bangladeshi newspapers are only good for one thing.

For lighting a bonfire.

But too rough for wiping your backside.

Oh!! What a brilliant style of creating sentences your parents have successfully taught you!

So, keep up and the Stockholm Nobel Committee will find out new Awards for people with your way of writing dirts.

Cheer up!!!

 

[bluesky]

Stupid article from someone who doesn’t understand economics. Most developed nations have zero reserves as they don’t need any. Stupid BDs feeling good on lies again.

The writer does not have to be well-acquainted with the national economy. He wrote this stupid article to assuage his readers, academicians and politicians that the great Asian Tiger Bangladesh is as good or better than that small cold island country in the north called United Kingdom.

I am happy that the writer did not ask those two-flagged kitchen boys to get back to BD.

 

[Beast]

UK has 4 oil rigs in ready state commissioned in 2007 at the Clare Ridge offshore drilling area close to Shetland Islands. Output is limited as the plan was curtailed during the recession and afterwards USA started pumping its fracked oil in the market. If push comes to shove the site will get activated to full production again, I believe they always maintain a skeleton crew to ramp up production when required.

United Kingdom Oil Reserves, Production and Consumption Statistics - Worldometer

Current and historical Reserves, Production, and Consumption of Oil in the United Kingdom. Global rank and share of world's total. Data, Statistics and Charts.

www.worldometers.info

Maybe try giving up your CCP issued propaganda manual and looking at issues in a more rational way.

LOL.. Those output are pathetic which no where satisfy the demand of UK. These is not the impression which previous troll post try to give. Did you buy the believe which CIA gives that a coup happens in China and Xi is going to remove. Poor pathetic troll!

Pound going to devalue to almost the same level of USD is also a CCP propaganda. Keep on blaming everything on CCP and that will solve all UK problem. Pathetic British which has reach such state! Cry babies!