Following Bangladesh’s central bank-Bangladesh Bank, clearing US $ 1.09 billion of import bills through the Asian Clearing Union (ACU) recently — The ACU is an arrangement that facilitates payment settlements for intra-regional transactions among eight countries — the country’s foreign exchange reserves fell to US $ 29.97 billion again.
Reports underlined this citing the concerned officials from the Bangladesh Bank even as it may be mentioned here Bangladesh’s foreign exchange reserves have been under pressure for over a year now and it have had some ramifications on the garment manufacturers of the country as well.
It may be mentioned here Bangladesh clears import bills every two months within the framework of the ACU, and it is normal for forex reserves to decrease following such payments even as in May, the Bangladesh Bank cleared import bills amounting to US $ 1.18 billion, resulting in an overall reserve drop to US $ 29.77 billion after the payment.
