Bangladesh’s foreign exchange reserves have declined to USD 37.06 billion after the central bank had cleared import bills to the Asian Clearing Union (ACU), a course of action to settle payments for intra-regional transactions among member countries including Bangladesh.
The Bangladesh Bank paid USD 1.73 billion on Wednesday, September 7, 2022, to clear payments for its imports from other member countries of the ACU.
India is a member of the platform and Bangladesh’s second-largest source of imports.
In August of last year, Bangladesh’s foreign exchange reserves soared to $48 billion.
However, due to the high level of import payments, reserves have been declining since May of this year. The global supply chain interruptions caused by the Russia-Ukraine war have had a significant impact on the reserves.
