After Bangladesh paid $1.75 billion in regional import bills through the Asian Clearing Union (ACU) its foreign exchange reserves dropped from $21.39 billion to $19.7 billion today. Payment settlements between nine member nations India, Bangladesh, Bhutan, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri-Lanka are facilitated by the ACU, which is a organization with its headquarters in Tehran.
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Bangladesh pays its import bills every two months via the ACU process which causes a brief drop in reserves following each payment. According to the International Monetary Funds (IMF) BPM6 guidelines, the nation’s foreign exchange reserves were $21.39 billion as of March 6. The central bank has been able to lessen the dramatic drop in foreign exchange reserves because of an increasing trend in remittance inflows in recent months, especially since the Awami League-led government’s rule ended on August 5 amid widespread rebellion. Remittance inflows to Bangladesh increased by 25% year over year to $2.52 billion last month as migrant Bangladeshi workers sent more money than anticipated to their family back home for Eid shopping and Ramadan-related spending.
Source: The Daily Star
