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Bangladesh’s foreign exchange reserves have fallen below the $20 billion mark, dropping to approximately $19.44 billion, according to a recent report by the International Monetary Fund (IMF). This decline follows the payment of $1.37 billion for import bills through the Asian Clearing Union (ACU) last week.
The latest figures were released by the central bank on Thursday, highlighting a significant reduction in reserves. As per the IMF’s BPM 6 accounting method, the reserves have decreased from $25 billion to $24.50 billion, reflecting a broader trend of diminishing foreign exchange holdings.
The central bank attributed the recent drop to a substantial payment made to the ACU, which is an inter-regional settlement system facilitating trade and financial transactions among nine Asian countries, including Bangladesh. The ACU’s member countries also include India, Iran, Nepal, Pakistan, Myanmar, Bhutan, and the Maldives, with Sri Lanka recently removed due to a debt default.
Despite the current decline, the central bank remains optimistic about a recovery. They pointed to a positive trend in remittances from expatriates, which is expected to bolster reserves and push them back above the $20 billion threshold in the near future.
The reserves have been under pressure due to various global and domestic economic factors, and the central bank is actively monitoring the situation to ensure stability and address any emerging challenges.
Dr. Fahmida Khatun, Executive Director of the Centre for Policy Dialogue (CPD), has called for the interim government to initiate a comprehensive list of immediate and midterm measures to address pressing economic challenges. In her recent statement, Dr. Khatun emphasized the importance of starting these measures during the interim period to ensure continuity and effectiveness.
Dr. Khatun highlighted that while the list of necessary actions is extensive, it is crucial for the interim government to begin implementing key measures promptly. She stressed that the interim government’s efforts should lay the groundwork for long-term economic stability and recovery.
Additionally, Dr. Khatun underscored the need for the incoming elected government to continue and build upon the measures initiated by the interim administration. She pointed out that the success of these measures will depend on their sustained implementation and support from future administrations.
Her comments reflect a broader call for a unified and consistent approach to addressing Bangladesh’s economic challenges, ensuring that critical reforms and strategies are maintained beyond the interim government’s term.
The call for action comes at a time when economic stability is a pressing concern, and there is a clear need for coordinated efforts across different government phases to achieve sustainable progress.
Mirza Walid Shipon, President of the Bangladesh Jubo Arthonitibid Forum, has voiced serious concerns over the current state of the country’s foreign exchange reserves, calling it a significant threat to the economy. The recent drop in reserves has been highlighted as a critical issue affecting Bangladesh's economic stability and growth.
Shipon emphasized the urgent need for intervention by the interim government led by Dr. Yunus. He stressed that the government must undertake prudent measures to address the dwindling reserve levels to support the country’s import needs effectively.
Shipon pointed out that the current squeeze on reserves has intensified the ongoing dollar crisis, which is severely impacting business operations and economic activities. The lack of sufficient foreign exchange reserves is exacerbating difficulties for businesses that rely on imports, leading to disruptions and increased costs.
He called on the interim government to prioritize strategies aimed at boosting reserve levels and mitigating the adverse effects of the dollar shortage. Shipon’s remarks underscore the broader economic implications of the reserve decline and the need for immediate and strategic actions to stabilize and enhance the country's economic health.
Implement long-term measures - Dr. Fahmida Khatun
Squeezing reserves hits external trade - Mirza Walid Shipon
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