In May 2020, Bangladesh’s foreign exchange reserves stood at $33.4 billion. It rose gradually to $48 billion in August 2021, before being overtaken by falling exports and rising import costs of remittances amid the Russia-Ukraine war.
According to the central bank, imports this fiscal fell to $4 billion against a monthly average of $6.44 billion, as the government banned the import of items not considered essential.
The government expects the situation to return to normal by early 2023 with restrictions in place.