The trade deficit of Bangladesh for fiscal 2022 (FY22) is projected to be $33 billion considering that the country’s import costs continue to be higher than its export earnings and remittances. The deficit is likely to reach $36.70 billion in the nest fiscal, according to Bangladesh Bank (BB). The central bank had initially projected the deficit to be $26.60 billion in FY22.The deficit had already widened to $27.56 billion during the first 10 months of fiscal 2022, the central bank said.
The country’s current account deficit is also likely to go from a $4.5 billion a year ago to $17.73 billion in this fiscal, as per the Bangladesh Bank’s projections.
Trade deficit of Bangladesh for FY22 is projected to be $33 billion considering that the country's import costs continue to be higher than its export earnings and remittances. The deficit is likely to reach $36.70 billion in the nest fiscal, according to Bangladesh Bank. The central bank had initially projected the deficit to be $26.60 billion in FY22.#
Additionally, the bank recently raised its policy rate by 50 basis points to 5.5 per cent to manage the demand side pressures, making it the second hike in a month. On May 29, the bank had increased the rate by 25 basis points to 5 per cent after about a decade.
Fibre2Fashion News Desk (KD)