Bangladesh’s foreign exchange reserves fell to $25.30 billion yesterday, according to the International Monetary Fund’s calculation, after the country cleared $1.50 billion in import bills under the Asian Clearing Union (ACU).
Due to a growing trend in remittance inflows in recent months, the central bank has been able to mitigate the sharp decline in forex reserves, particularly since the end of the Awami League-led government's regime on August 5 in the face of mass uprising.
Bangladesh’s foreign exchange reserves have been falling since September 2021 despite a series of government initiatives to reverse the trend.
Bangladesh's foreign exchange reserves are likely to fall below $21 billion next week after the Bangladesh Bank clears import bills of around $1.35 billion with the Asian Clearing Union (ACU), said a senior central bank official.
Bangladesh’s gross foreign reserves can top up to $24.3 billion by the end of the fiscal year if greater exchange rate flexibility is allowed and a tighter monetary policy is pursued, the IMF said.
$1.17 billion of ACU payment was cleared today
