• Financial

Foreign exchange reserves rise again

  • Financial
  • 23 May, 2022 11:39:58

Photo: Collected

News Desk: The country's foreign exchange reserves have once again surpassed ৪ 42 billion in a matter of weeks, breaking the downward trend. With the amount of foreign currency currently in reserve, it is possible to cover at least six months' worth of imports.

On May 10, the Asian Clearing Union (ACU) paid ২ 2.23 billion in import expenses, reducing its reserves to ১ 41 billion, from ৪ 41.95 billion that day.

Earlier, in August last year, the reserves increased to more than 46 billion US dollars. However, after the payment of Akur, on May 9 this month, it came down to 44.11 billion dollars.

However, after meeting the huge import cost, in just six working days, the downward foreign exchange reserves have returned to the upward trend. The country's foreign exchange reserves have again exceeded বিল 42 billion. With the addition of 2.8 million dollars to the reserves, the foreign exchange reserves have increased to 42.21 billion dollars.

However, following the International Monetary Fund (IMF) accounting system will further reduce the country's reserves. However, the central bank has decided to continue with the existing rules without following the company's accounting system.

According to the updated report of Bangladesh Bank, some money has been added after the payment of liabilities from the reserve. After about six working days, যুক্ত 2.8 million was added to the reserves and the foreign exchange reserves increased to দশ 42.21 billion. With this amount of stock, the import cost of next 6 months can be met.

In the first 12 days of May, remittances sent by expatriate Bangladeshis working in different countries came to ৬ 836.19 million or কোটি 636.1 million. Which is about 8 thousand 417 crore rupees in Bangladeshi currency (one dollar equals 6.50 paise). In the first 12 days of May, daily remittances reached an average of দশ 69.6 million. Considering the daily average flow, this trend of expatriate income is higher than the previous month of April.

At this time, the highest remittances came from Saudi Arabia (৫ 105.11 million), which is 20.6 percent of the total remittances. This is followed by the United States at 16.28 percent, the United Kingdom at 11.33 percent, the United Arab Emirates at 7.92 percent and Kuwait at 7.63 percent.

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