Bangladesh has paid the liability of 127 million dollars to the Asian Clearing Union-Aku regarding the import bill in November-December. As a result, at the end of the day, the country’s foreign exchange reserves decreased to 20.38 billion dollars.
This information came out in a report of Bangladesh Bank on Tuesday.
Earlier, the bank’s reserves increased slightly due to the IMF loan at the end of the year, but after paying the bills, it decreased again. However, the central bank said that there is still some growth in the country’s export income.
According to the data of the central bank, 127 million dollars have been paid for the last November-December bill. Asian Clearing Union or ACU is an inter-regional settlement system between central banks. Through this, the imports and exports between 9 countries in Asia are settled every two months.
However, Bangladesh’s transactions with other countries are completed immediately. Akura’s member countries are Bangladesh, India, Iran, Nepal, Pakistan, Sri Lanka, Myanmar, Bhutan and Maldives. However, Sri Lanka has been removed from this list recently due to failure to pay the debt.
Meanwhile, Bangladesh is in the 4.7 billion dollar loan program from the IMF. Various conditions have to be met for the loan.
Export earnings and remittance flows were also low with the dollar crisis throughout the last year. As a result, the foreign exchange reserves of the country also decreased.
Last December 31, the total reserve in the central bank was 26.81 billion dollars, and the actual reserve was about 17 billion dollars. However, according to the target set by the IMF, the actual reserves in December should be 17.78 billion dollars.