April 10, 2023
1 min read

Bangladesh’s forex reserves in nose dive, again

This is the lowest level of forex reserves Bangladesh has held since December 2016…reports Asian Lite News

Bangladesh’s foreign exchange reserves reached $31.14 billion by the end of March, the lowest since December 2016, showed the latest central bank data.

Bangladesh Bank (BB) data showed the country’s foreign exchange reserves stood at $31,142.72 million in March from $32,333.71 million in February, Xinhua news agency reported.

This is the lowest level of forex reserves Bangladesh has held since December 2016 when the country’s foreign exchange reserves crossed the $32 billion mark for the first time, an official of the bank’s Forex Reserve and Treasury Management Department said on condition of anonymity.

The official said that reserves slumped to a six-year low amid soaring import costs due to the Ukraine crisis that has dealt a major shock to commodity markets worldwide.

Forex reserves equivalent to six months’ import bills are considered adequate for a growing economy like Bangladesh.

With the existing reserves, however, central bank officials said Bangladesh is in a position to pay around five months’ import bills.

Bangladesh’s foreign exchange reserves hit an all-time high of $48 billion in August 2021.

In a bid to boost shrinking forex reserves, the Bangladeshi government since last year has taken various measures, including relaxed rules, to woo more remittances from millions of Bangladeshi people living and working abroad.

ALSO READ: Bangladesh exports fall in March

Previous Story

Finally risen ‘Hyderabad’ thrash Punjab Kings

Next Story

Musk dubs BBC as govt-funded media

Latest from -Top News

India, UAE Strengthen Green Partnership

At the IUCN 2025 in Abu Dhabi, Minister Kirti Vardhan Singh urged stronger India‑UAE climate and biodiversity cooperation….reports Asian Lite News The government said India and the UAE have significant potential to

India Commits to Afghan Growth

As a special gesture, India gifted 20 ambulances to the Afghan people with a symbolic handover being done by the EAM…reports Asian Lite News India on Friday announced plans to expand its

Islamabad, Rawalpindi Shut Down Over TLP Rally

Authorities have placed containers at Faizabad Interchange to block entry into Islamabad from Rawalpindi….reports Asian Lite News In Pakistan’s capital Islamabad and neighbouring Rawalpindi, roads and entry points were sealed, and communication

NY Attorney General indicted in mortgage fraud

The indictment comes just weeks after former FBI Director James Comey was charged in a separate, highly controversial case…reports Asian Lite News New York Attorney General Letitia James has been charged in

US targets Chinese flights over Russia

US carriers have long criticised the allowance of Chinese flights over Russia, arguing that the shorter routes reduce travel time and fuel consumption, providing an unfair advantage….reports Asian Lite News The Trump
Go toTop

Don't Miss

Dhaka Buses Ablaze, Home Minister Condemns BNP

Home Minister Asaduzzaman Khan Kamal asked law enforcement agencies to resist

Bangladesh Foreign Secretary Set for Key Talks in India

The minister from Bangladesh mentioned that Foreign Secretary Masud is