** Both muscle politics and political activist teachers are jointly to be blamed for universities' shameful low ranking ** Buyers flock to Karwan Bazar market in the capital to buy hilsa as the government has imposed a 22-day ban on catching, selling, hoarding and transporting of hilsa from Friday across the country to protect safe spawning of the fish during its peak breeding period. NN photo ** Bangladesh's economy is in quite strong position: PM ** Dengue spreading fast ** Palm oil price down by Tk 8 per litre, sugar price up Tk 6 per kg ** Tangail road crash leaves six dead ** National grid failure Probe on to determine sabotage ** 35 people killed in Thailand mass shooting ** HC cannot pass order in a policy decision matter of the govt : SC rules ** Cricketer Al-Amin claims, he divorces his wife ** The committee must see if efficient people are placed in the power sector to avoid an outage ** Vehicles struggle to ply on Dhaka-Narayanganj Link Road on Wednesday, as rains caused waterlogging in the area. NN photo ** Army personnel working to restore road communication at Sajek union under Baghaichhari Upazila in Rangamati district on Wednesday as heavy rains triggered landslide in the area, disrupting vehicular movement on Sajek-Khagrachhari road. NN photo ** Initiative taken to amend the hundred-year old Railways Act ** Probe body starts work to find out reasons for national grid failure ** Bigo Apps loots Tk 108cr spreading obscenity in Bangladesh ** US announces $625m military aid for Ukraine ** Brunei Sultan likely to visit Dhaka on Oct 13-15 ** Teen stabbed to death at Gopalganj Durga Puja fair ** Country reports 549 new Covid cases, 2 deaths ** 25 dead as bus falls into gorge in India ** Nearly 4000 tourists trapped as heavy rain triggers landslide at Sajek ** Dollar rebounds as global market rally fades ** Govt made money in the name of generating electricity: BNP ** Child labour crushing dreams of Bangladesh children **

Forex reserves dip below USD 37b

23 September 2022

Staff Reporter :
Country's forex reserves are now down to USD 36.90 billion, despite the central bank's measures of reducing imports, and currency diversification in foreign trade.
The reserves was about USD 37 billion a day ago. The latest data of Bangladesh Bank says it.  According to the data of Bangladesh Bank, forex reserves on Wednesday stood at USD 36.90 billion, which was USD 37.08 billion on Monday.
As per the data of the central bank, the country's reserves stood at USD 46.19 billion in September last year.
The reserves slid after the central bank sold USD 70 million to several banks on Thursday for facilitating them for payment of import bills.
The central bank has been selling dollars from the reserves in continuation of last fiscal year to bring stability in the forex market.
Bangladesh Bank has so far injected more than USD three billion into the market in this financial year after supplying a record amount of USD 7.62 billion in the last fiscal year, the data showed.
In the first week of this month, the reserves fell to USD 37.06 billion as the Asian Clearing Union (ACU) cleared its July-August arrears of USD 1.74 billion.
As of August 25 last year, the reserves were USD 48.60 billion.
According to that, the reserve has decreased by USD 11.5 billion in one year.
Experts said, this is happening due to the selling pressure of US dollars for opening LCs and the surge of individual demand to meet travel, medical treatment, and tuition fees for foreign universities.
The central bank's data showed also that country's imports surged to USD 5.86 billion in July in this fiscal year, up 23.2pc from the previous year.
Exports grew 14pc to USD 3.9 billion and remittance flow rose 11.76pc to USD 2.09 billion in the period.

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