The country’s foreign exchange reserves have again exceeded বিল 42 billion. Earlier, the amount of reserves was reduced due to payment of large import expenses. Within six working days, it rose again. On May 10, the Asian Clearing Union (ACU) paid দশ 2.23 billion in import expenses, reducing its reserves to ১ 41 billion. The balance was দশ 41.95 billion that day.
This amount of reserves can be used to cover the expenses of six months as per the current import clause. Earlier, on April 30, the reserves were বিল 44 billion. And long-term upward-looking foreign exchange reserves surpassed ৮ 46 billion in August 2021.
Meanwhile, in the first 12 days of this month, remittances sent by expatriates to the country reached কোটি 636.1 million. Considering the average daily flow, this trend of expatriate income is higher than the previous month of April. According to the latest data of Bangladesh Bank, the average daily remittance till May 12 was দশ 69.8 million. Last April, the average daily remittance flow was ৮ 8.96 million.
Meanwhile, the rupee depreciated by 25 paise on the day the reserves fell to the level of িয়ন 41 billion after the last Akur liability was paid off amid a rising trend of the dollar against the rupee and a supply crisis over demand. Those concerned think that the central bank took such a step as there was some pressure on the reserves at that time.
After that one more point of money was devalued. On May 18, the exchange rate was further reduced by 60 paise to 7 paise per dollar.
Trader Bangladesh, May 22, 2022