Reserve is decreasing Prothom Namaste

Reserve is decreasing Prothom Namaste

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According to Bangladesh Bank, the country received remittances worth US$900 million in the first 12 days of this month. Under the crawling peg method, the price of the dollar has been increased to 117 taka per dollar. Officials are expecting an increase in foreign income inflows as a result of this initiative. Moreover, he believes that this will also increase the flow of export earnings.

The central bank is selling the dollar at the rate of 117.44 taka to repay the import liabilities of the government. Moreover, Bangladesh Bank is buying dollars from banks which are buying expatriate income at a higher price at the rate of Tk 117.44. Despite these efforts, the decline in reserves has not stopped, as the amount of dollars being sold exceeds the amount being bought.

Speaking to Prothom Alo, Bangladesh Bank spokesperson MD Mejbaul Haq said, “The central bank has approved the import bill of US$1.63 billion. Therefore the reserves decreased slightly. We will get the next installment of IMF loan next month. Moreover, money from various projects funds will be distributed within June.

He expects expatriate earnings to cross US$2 billion this month. Increasing inflow of dollars will reduce the pressure to sell dollars.

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