Bangladesh's forex reserves fall to $32.7b after ACU payment

[Imran Khan]

Bangladesh's forex reserves fall to $32.7b after ACU payment​

Payment of import bills worth $1.12b to be adjusted tomorrow​

Staff Correspondent | Published: 22:55, Jan 03,2023 | Updated: 05:02, Jan 04,2023

A file photo shows the Bangladesh Bank headquarters in the capital Dhaka. Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow. — New Age photo

Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow.
Bangladesh has made the payment to the Asian Clearing Union for the months of November and December.
Bangladesh Bank officials said that the payment was made on Tuesday and it would be adjusted on Thursday.
Foreign exchange reserves dropped to $33.83 billion on December 28, 2022 from record $48.6 billion in August 2021.
The Asian Clearing Union is a payment settlement forum whereby the participants settle payments for intra-regional transactions through the participating central banks on a net multilateral basis.

Related Coverage:​

• › Forex transactions thru cards top Tk 600cr
• › Bangladesh’s forex reserves now $26.3 billion as per IMF formula

Payment obligations of transactions among Bangladesh, Bhutan, India, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are settled through the ACU payment system.
Central banks of the countries make the payment obligations at a two-month interval.
Apart from the payment obligations to ACU, continued sales of the foreign currency reduced the foreign reserves of the country.
The BB had injected more than 6 billion in the financial system from July 1 to November 30 in 2022 in order to stabilise the foreign currency market and facilitate banks in making import payments obligations.
The central bank sold $7.62 billion directly to the banks in FY22 amid a shortage of the greenback on the market.
The central bank on September 14 approved the floating rate of the dollar.
The interbank exchange rate of the US dollar is ranging between Tk 103 and Tk 105.
Due to various restrictions and sluggish business environment amid the Covid pandemic, import payments had declined sharply while exports and remittance earnings witnessed growth in 2021.
But imports have recently exceeded remittance and export earnings, depleting foreign reserves of the country that has also brought down the import payment capacity.
The country’s reserves dropped by $15.9 billion from $48.6 billion a year ago, weakening Bangladesh’s import payment capacity.
Of the amount, the central bank formed a $7-billion export development fund for exporters, but the amount is still considered as reserves and for which the International Monetary Fund has already raised its objection.
If the EDF is excluded from calculation, the country’s reserves would fall to $25 billion.
The government and the central bank have already taken a number of steps to protect the reserves by way of containing the skyrocketing imports.
The government has slapped high taxes on some non-essential items along with imposition of high margin on the opening of letters of credit for import of luxurious and non-essential items.
The country’s trade deficit hit record $33.24 billion in FY22 against $23.78 billion in FY21.
The trade deficit was $11.79 billion in the July-November period of FY23.
In the first five months of FY23, the country’s import payments reached to $32.53 billion from $31.16 billion in the same period of the previous year.

More about:

Bangladesh's forex reserves fall to $32.7b after ACU payment

Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow. Bangladesh has made the payment to the Asian Clearing Union for the months...

www.newagebd.net

 

[BananaRepublicUK]

Bangladesh's forex reserves fall to $32.7b after ACU payment​

Payment of import bills worth $1.12b to be adjusted tomorrow​

Staff Correspondent | Published: 22:55, Jan 03,2023 | Updated: 05:02, Jan 04,2023

A file photo shows the Bangladesh Bank headquarters in the capital Dhaka. Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow. — New Age photo

Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow.
Bangladesh has made the payment to the Asian Clearing Union for the months of November and December.
Bangladesh Bank officials said that the payment was made on Tuesday and it would be adjusted on Thursday.
Foreign exchange reserves dropped to $33.83 billion on December 28, 2022 from record $48.6 billion in August 2021.
The Asian Clearing Union is a payment settlement forum whereby the participants settle payments for intra-regional transactions through the participating central banks on a net multilateral basis.

Related Coverage:​

• › Forex transactions thru cards top Tk 600cr
• › Bangladesh’s forex reserves now $26.3 billion as per IMF formula

Payment obligations of transactions among Bangladesh, Bhutan, India, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are settled through the ACU payment system.
Central banks of the countries make the payment obligations at a two-month interval.
Apart from the payment obligations to ACU, continued sales of the foreign currency reduced the foreign reserves of the country.
The BB had injected more than 6 billion in the financial system from July 1 to November 30 in 2022 in order to stabilise the foreign currency market and facilitate banks in making import payments obligations.
The central bank sold $7.62 billion directly to the banks in FY22 amid a shortage of the greenback on the market.
The central bank on September 14 approved the floating rate of the dollar.
The interbank exchange rate of the US dollar is ranging between Tk 103 and Tk 105.
Due to various restrictions and sluggish business environment amid the Covid pandemic, import payments had declined sharply while exports and remittance earnings witnessed growth in 2021.
But imports have recently exceeded remittance and export earnings, depleting foreign reserves of the country that has also brought down the import payment capacity.
The country’s reserves dropped by $15.9 billion from $48.6 billion a year ago, weakening Bangladesh’s import payment capacity.
Of the amount, the central bank formed a $7-billion export development fund for exporters, but the amount is still considered as reserves and for which the International Monetary Fund has already raised its objection.
If the EDF is excluded from calculation, the country’s reserves would fall to $25 billion.
The government and the central bank have already taken a number of steps to protect the reserves by way of containing the skyrocketing imports.
The government has slapped high taxes on some non-essential items along with imposition of high margin on the opening of letters of credit for import of luxurious and non-essential items.
The country’s trade deficit hit record $33.24 billion in FY22 against $23.78 billion in FY21.
The trade deficit was $11.79 billion in the July-November period of FY23.
In the first five months of FY23, the country’s import payments reached to $32.53 billion from $31.16 billion in the same period of the previous year.

More about:

Bangladesh's forex reserves fall to $32.7b after ACU payment

Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow. Bangladesh has made the payment to the Asian Clearing Union for the months...

www.newagebd.net

How certain neighbouring countries would love to have 32 billion dollars

@EasyNow
@jamahir
@UKBengali

 

[UKBengali]

How certain neighbouring countries would love to have 32 billion dollars

@EasyNow
@jamahir
@UKBengali

This blip happens at the conclusion of the every two monthly payment to the ACU.

It is not any trend fall in reserves and the obsessed OP is seeing his world fall apart, as BD economy powers ahead while his own is still stuck at the same level after 75 years of independence.

In 10 years time, BD will be a "middle-income" country while his own is still stuck at 3rd world level.

He should spend more time trying to improve his country rather than worry about BD.

 

[monitor]

Bangladesh's forex reserves fall to $32.7b after ACU payment​

Payment of import bills worth $1.12b to be adjusted tomorrow​

Staff Correspondent | Published: 22:55, Jan 03,2023 | Updated: 05:02, Jan 04,2023

A file photo shows the Bangladesh Bank headquarters in the capital Dhaka. Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow. — New Age photo

Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow.
Bangladesh has made the payment to the Asian Clearing Union for the months of November and December.
Bangladesh Bank officials said that the payment was made on Tuesday and it would be adjusted on Thursday.
Foreign exchange reserves dropped to $33.83 billion on December 28, 2022 from record $48.6 billion in August 2021.
The Asian Clearing Union is a payment settlement forum whereby the participants settle payments for intra-regional transactions through the participating central banks on a net multilateral basis.

Related Coverage:​

• › Forex transactions thru cards top Tk 600cr
• › Bangladesh’s forex reserves now $26.3 billion as per IMF formula

Payment obligations of transactions among Bangladesh, Bhutan, India, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are settled through the ACU payment system.
Central banks of the countries make the payment obligations at a two-month interval.
Apart from the payment obligations to ACU, continued sales of the foreign currency reduced the foreign reserves of the country.
The BB had injected more than 6 billion in the financial system from July 1 to November 30 in 2022 in order to stabilise the foreign currency market and facilitate banks in making import payments obligations.
The central bank sold $7.62 billion directly to the banks in FY22 amid a shortage of the greenback on the market.
The central bank on September 14 approved the floating rate of the dollar.
The interbank exchange rate of the US dollar is ranging between Tk 103 and Tk 105.
Due to various restrictions and sluggish business environment amid the Covid pandemic, import payments had declined sharply while exports and remittance earnings witnessed growth in 2021.
But imports have recently exceeded remittance and export earnings, depleting foreign reserves of the country that has also brought down the import payment capacity.
The country’s reserves dropped by $15.9 billion from $48.6 billion a year ago, weakening Bangladesh’s import payment capacity.
Of the amount, the central bank formed a $7-billion export development fund for exporters, but the amount is still considered as reserves and for which the International Monetary Fund has already raised its objection.
If the EDF is excluded from calculation, the country’s reserves would fall to $25 billion.
The government and the central bank have already taken a number of steps to protect the reserves by way of containing the skyrocketing imports.
The government has slapped high taxes on some non-essential items along with imposition of high margin on the opening of letters of credit for import of luxurious and non-essential items.
The country’s trade deficit hit record $33.24 billion in FY22 against $23.78 billion in FY21.
The trade deficit was $11.79 billion in the July-November period of FY23.
In the first five months of FY23, the country’s import payments reached to $32.53 billion from $31.16 billion in the same period of the previous year.

More about:

Bangladesh's forex reserves fall to $32.7b after ACU payment

Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow. Bangladesh has made the payment to the Asian Clearing Union for the months...

www.newagebd.net

It still higher then a nuclear power country who is scratching everywhere for few dollar. I didn't mean its Pakistan

 

[BananaRepublicUK]

Bangladesh's forex reserves fall to $32.7b after ACU payment​

Payment of import bills worth $1.12b to be adjusted tomorrow​

Staff Correspondent | Published: 22:55, Jan 03,2023 | Updated: 05:02, Jan 04,2023

A file photo shows the Bangladesh Bank headquarters in the capital Dhaka. Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow. — New Age photo

Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow.
Bangladesh has made the payment to the Asian Clearing Union for the months of November and December.
Bangladesh Bank officials said that the payment was made on Tuesday and it would be adjusted on Thursday.
Foreign exchange reserves dropped to $33.83 billion on December 28, 2022 from record $48.6 billion in August 2021.
The Asian Clearing Union is a payment settlement forum whereby the participants settle payments for intra-regional transactions through the participating central banks on a net multilateral basis.

Related Coverage:​

• › Forex transactions thru cards top Tk 600cr
• › Bangladesh’s forex reserves now $26.3 billion as per IMF formula

Payment obligations of transactions among Bangladesh, Bhutan, India, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are settled through the ACU payment system.
Central banks of the countries make the payment obligations at a two-month interval.
Apart from the payment obligations to ACU, continued sales of the foreign currency reduced the foreign reserves of the country.
The BB had injected more than 6 billion in the financial system from July 1 to November 30 in 2022 in order to stabilise the foreign currency market and facilitate banks in making import payments obligations.
The central bank sold $7.62 billion directly to the banks in FY22 amid a shortage of the greenback on the market.
The central bank on September 14 approved the floating rate of the dollar.
The interbank exchange rate of the US dollar is ranging between Tk 103 and Tk 105.
Due to various restrictions and sluggish business environment amid the Covid pandemic, import payments had declined sharply while exports and remittance earnings witnessed growth in 2021.
But imports have recently exceeded remittance and export earnings, depleting foreign reserves of the country that has also brought down the import payment capacity.
The country’s reserves dropped by $15.9 billion from $48.6 billion a year ago, weakening Bangladesh’s import payment capacity.
Of the amount, the central bank formed a $7-billion export development fund for exporters, but the amount is still considered as reserves and for which the International Monetary Fund has already raised its objection.
If the EDF is excluded from calculation, the country’s reserves would fall to $25 billion.
The government and the central bank have already taken a number of steps to protect the reserves by way of containing the skyrocketing imports.
The government has slapped high taxes on some non-essential items along with imposition of high margin on the opening of letters of credit for import of luxurious and non-essential items.
The country’s trade deficit hit record $33.24 billion in FY22 against $23.78 billion in FY21.
The trade deficit was $11.79 billion in the July-November period of FY23.
In the first five months of FY23, the country’s import payments reached to $32.53 billion from $31.16 billion in the same period of the previous year.

More about:

Bangladesh's forex reserves fall to $32.7b after ACU payment

Foreign exchange reserves in Bangladesh will fall to $32.7 billion once the payment of import bills worth $1.12 billion is adjusted tomorrow. Bangladesh has made the payment to the Asian Clearing Union for the months...

www.newagebd.net

How certain neighbouring countries would love to have 32 billion dollars

@EasyNow
@jamahir
@UKBengali

It still higher then a nuclear power country who is scratching everywhere for few dollar. I didn't mean its Pakistan

They were born with a begging bowl attached to their hand.

Which is why they don’t bother with development.

 

[Imran Khan]

How certain neighbouring countries would love to have 32 billion dollars

@EasyNow
@jamahir
@UKBengali


They were born with a begging bowl attached to their hand.

Which is why they don’t bother with development.

develpopment ??????????????

you bhuka benglais live in caves in front of islamabad

 

[BananaRepublicUK]

develpopment ??????????????

you bhuka benglais live in caves in front of islamabad

Sure they do!



These boasts will not pay the interest on your ginormous loans?

None of these loans are sharia compliant

 

[Imran Khan]

How certain neighbouring countries would love to have 32 billion dollars

@EasyNow
@jamahir
@UKBengali


They were born with a begging bowl attached to their hand.

Which is why they don’t bother with development.

develpopment ??????????????

you bhuka benglais live in caves in front of islamabad

Sure they do!



These boasts will not pay the interest on your ginormous loans?

None of these loans are sharia compliant

so my son you make metro and port with your money ???????

 

[BananaRepublicUK]

develpopment ??????????????

you bhuka benglais live in caves in front of islamabad

so my son you make metro and port with your money ???????

Difference is we borrow for infrastructure only.

Never borrow to pay interest on existing loans

You guys are sold to loan sharks

 

[jamahir]

They were born with a begging bowl attached to their hand.

Which is why they don’t bother with development.

Banana bhai, I go out in an autorickshaw usually and when they stop at traffic signals there sometimes are beggars whether with limbs missing or old people or transgenders ( hijdas ). I always make it a point to give them 20 rupees. It is not much but I am not wealthy myself at the moment. The hijdas are polite with me and once when I told one of them that I don't have lesser notes and showed him / her a 200 rupee note and a 50 rupee note that person insisted that he / she will give change so I believed and gave her / him the 50 rupee note and she / he took 20 rupees and returned the rest to me in full honesty. They either thank me or bless me.

Beggars don't exist because God wrote that on their forehead in the womb. They suffer that life because of the wrong socio-economic and social system that exists in the society they live in. How is it possible that our Pragati Purush prime minister Modi jee living in his luxurious Delhi official residence had a suit made for him costing 10 lakhs with his full three-word name written down the top and the pant in stripes and all his expenses and food borne by the bureaucracy which gets its monies not from a boon by Lakshmi mata but from taxing the citizens and the goods and services developed by citizens and he not doing any part in it, but in the same Delhi are many citizens having to resort to begging to survive day to day and wearing tattered or uncleaned clothes ? Why this difference of treatment among the citizens of the same country ?

develpopment ??????????????

you bhuka benglais live in caves in front of islamabad

Come on, Imran bhai, you are better than this. Please read the above to see that the bhookha people are bhookha not by the own mistake but because of the political system.

Sure they do!



These boasts will not pay the interest on your ginormous loans?

None of these loans are sharia compliant

"Sharia-compliant" interest-based loans for the Islamic Republic.

 

[BananaRepublicUK]

Banana bhai, I go out in an autorickshaw usually and when they stop at traffic signals there sometimes are beggars whether with limbs missing or old people or transgenders ( hijdas ). I always make it a point to give them 20 rupees. It is not much but I am not wealthy myself at the moment. The hijdas are polite with me and once when I told one of them that I don't have lesser notes and showed him / her a 200 rupee note and a 50 rupee note that person insisted that he / she will give change so I believed and gave her / him the 50 rupee note and she / he took 20 rupees and returned the rest to me in full honesty. They either thank me or bless me.

Beggars don't exist because God wrote that on their forehead in the womb. They suffer that life because of the wrong socio-economic and social system that exists in the society they live in. How is it possible that our Pragati Purush prime minister Modi jee living in his luxurious Delhi official residence had a suit made for him costing 10 lakhs with his full three-word name written down the top and the pant in stripes and all his expenses and food borne by the bureaucracy which gets its monies not from a boon by Lakshmi mata but from taxing the citizens and the goods and services developed by citizens and he not doing any part in it, but in the same Delhi are many citizens having to resort to begging to survive day to day and wearing tattered or uncleaned clothes ? Why this difference of treatment among the citizens of the same country ?



Come on, Imran bhai, you are better than this. Please read the above to see that the bhookha people are bhookha not by the own mistake but because of the political system.



"Sharia-compliant" interest-based loans for the Islamic Republic.

You are a good human being and you will go to heaven despite your communism

 

[EasyNow]

develpopment ??????????????

you bhuka benglais live in caves in front of islamabad

Would you be able to arrange a visa for @Bilal9 ?

 

[BananaRepublicUK]

Would you be able to arrange a visa for @Bilal9 ?

I will pay for the plane ticket if he includes @bluesky as well

 

[jamahir]

Would you be able to arrange a visa for @Bilal9 ?

I will pay for the plane ticket if he includes @bluesky as well

Having landed in Pakistan, Bilal can kiss Holy Soil and start to teach Urdu to the beshtest of bests Urdu poets really.

 

[UKBengali]

I sense severe butt-hurt from the OP.

He should take lots of the below to soothe his pain:

BD now plays in a totally different economic league to his country and any comparison is an insult to BD.

A BD electronics company is about to showcase it's technology to CES while his country has gone nowhere economically for 75 years.

As I have said for a year or so now, BD is the 21st century "Asian Tiger" economy now. It operates in a different league to the rest of the region.