Bangladesh's forex reserves fall below $40 bn for 1st time in 2 years
14 Jul 22 1 min read
India, Bhutan, Iran, the Maldives, Bangladesh, Myanmar, Nepal, Pakistan and Sri Lanka are members of the Tehran-headquartered ACU. The central banks of these countries make payments to settle import bills every two months.
As exports and remittance flow failed to keep pace with rising import bills, between July and May in the last fiscal, imports increased to $75.40 billion, up by 39 per cent year on year when exports grew by 33 per cent to $44.58 billion, according to Bangladeshi media reports.
In fiscal 2021-22, remittances too contracted for the first time in six years as many remitters opted for informal channels to send in money.
- Bangladesh exporters hail weaker taka, experts want end to cash sops
- BGMEA seeks alternative govt support post Bangladesh’s LDC transition
- Sweden extends cooperation to Bangladesh for RMG sector sustainability
- Bangladesh labour force 73.75 mn, employed 71.16 mn in Q1 2024
- Bangladesh’s CPD proposes $207.57 minimum wage for tannery workers
- Bangladesh businesses against quarterly power price hike: Reports
The country’s central bank is now injecting US dollars on a regular basis into the money market, helping banks settle import bills. It supplied $7.62 billion in fiscal 2021-22 and $209 million in this fiscal.
Fibre2Fashion News Desk (DS)
Popular News
|
India raises duty drawback rates for linen from cotton, blended fibre |
|
UK’s INEOS achieves 22% reduction in GHG emissions |
|
Bangladesh’s apex trade body urges govt for backward linkage policy |
|
Vermont moves to ban hazardous chemicals in textiles & other goods |
|
Sri Lanka's garment exports ease 1.1% to $1,145 mn in Jan-Mar 2024 |
|
North India's cotton yarn market faces sluggish demand |