Bangladesh’s foreign exchange reserves fall to US $ 32.29 billion

Thanks to a high import payment obligation against a low dollar supply, Bangladesh’s foreign exchange reserves dropped to US $ 32.29 billion on 26 January even if on 28 December, 2022 the forex reserves had come down to US $ 33.83 billion from record US $ 48.6 billion in August 2021.

Reports claimed this adding that in 2021owing to host of restrictions and sluggish business environment amid the COVID-19 pandemic, import payments declined sharply while exports and remittance earnings witnessed growth even as after the recovery of global business environment from the pandemic, local and foreign demand rose significantly thereby depleting reserves of the both currencies in Bangladesh in even as the existing supply could not match the sudden demand even if as imports have exceeded remittance and export earnings, it has also brought down the import payment capacity.