Fitch downgrades Bangladesh's rating to 'B+', outlook stable amid weakening external buffers

Fitch downgrades Bangladesh's rating to 'B+', outlook stable amid weakening external buffers

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Fitch Ratings downgraded Bangladesh's long-term foreign currency issuer default rating to 'B+' from 'BB-' in a report on Monday.

The downgrade to 'B+' reflects the continued weakening of Bangladesh's external buffers, which may prove challenging to substantially reverse despite recent policy reforms, leaving the country more vulnerable to external shocks.

Policy action since early 2022 has been inadequate to arrest the decline in foreign exchange reserves and resolve domestic dollar tightness.

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