Bangladesh’s foreign exchange reserves continue to decline, hitting $19.52 billion on Thursday from $19.60 billion recorded during the same day previous week, show latest data from the Bangladesh Bank.
The central bank pumped around $80 million in a week from the reserves to cover the USD crisis. This shortage had also depreciated Taka against the American greenback. The official rate of per USD is currently Tk 111. However, the rate has exceeded Tk 120 in the kerb market.
Under the International Monetary Fund (IMF) method, Bangladesh’s reserve position was $19.52 billion on November 22, compared to $34.09 billion posted on the same day of previous year.
Bangladesh has been shouldering huge import payments due to increased demand in the economy following Covid-19 crisis. The situation has worsened due to the Russia-Ukraine war, which caused a global supply chain disruption, and increased import prices.
Due to such external and internal issues, Bangladesh has been facing a huge USD shortage from last year. Before the situation, the country’s forex reserves reached the highest $48 billion on August in 2021.
