Foreign exchange reserves in the country have returned to the upward trend by relying on expatriate and export earnings. In the last week, the amount has again exceeded 4 thousand 233 crores (42 billion) dollars. Concerned individuals have said that it will be possible to meet the import costs for at least six months with the amount of foreign exchange that is in stock at the moment.
After paying the Asian Clearing Union’s (ACU) record import bill of 224 crores (2.24 billion) dollars on 9 May, the reserves fell to 41.90 billion dollars. Then for a few weeks, the reserves were below 42 billion (4 thousand and 200 crores) dollars.
Reserves exceeded 42 billion dollars again on Wednesday (18 May) as remittances and export earnings increased. It rose further in the last few days and at the end of Sunday (22 May) it reached 42.33 billion dollars. The news media Bangla Tribune has given this information.
On 24 August last year, the reserves crossed the 48 billion dollar milestone, surpassing all previous records. Back then, import costs of 10 months could be met. At that time, goods worth 4 to 4.5 billion dollars were imported every month. And on January, February, and March, goods worth more than 8 billion dollars have been imported each month.
Imports of goods have not increased. But import costs have risen sharply. Business entrepreneurs say the costs of imports have risen as a result of the Russia-Ukraine war. In addition to rising commodity prices in the international market, ship fares have also risen due to rising fuel prices. In all, the costs of imports have increased several times more than before.
According to the National Board of Revenue (NBR), in the first 10 months of the current fiscal year (July-April), USD 7 thousand 343 crores have been spent on imported goods, an increase of 41% over the same period last year.
In the first 10 months of the fiscal year, the import of goods was 11 crores and 90 lac tonnes in amount, which is about 3% less than the same period of the previous year.
Bangladesh, meanwhile, has made significant strides in export trade to reduce the pressure on its foreign exchange reserves. The country has earned 43.34 billion dollars by exporting various products in these 10 months, which is 35.14% more than the same period last year.
Meanwhile, in the first 19 days of May, the expatriates have sent 131 crores and 22 lac dollars. At the current exchange rate (Tk 87.50 per dollar) the amount in Bangladeshi currency is Tk 11 thousand 481 crores and 58 lacs. Central bank officials say that if the current trend continues, the expatriate income will cross 210 crore dollars by the end of the month.
