Bangladesh’s forex reserves slip below $10 bn
October 1st, 2011 - 9:54 am ICT by IANSDhaka, Oct 1 (IANS) Bangladesh’s foreign exchange reserves have dwindled below $10 billion after maintaining the double-digit-billion mark for three years, a media report said.
The reserves with the central bank stood at $9.88 billion Thursday, implying that it will be difficult for the country to meet next three months’ import costs, the bdnews24.com reported Friday.
Jayed Bakht, senior researcher with Bangladesh Institute of Development Studies (BIDS), expressed concern over the fall in reserves, saying that it would put the balance of payment under pressure.
“The reserves are under pressure due to hike in import cost and decreased flow of remittance,” he said.
“The reserves will face more pressure if the World Bank or International Monetary Fund does not lend money,” the web news portal quoted Bakht as saying.
The increasing pressure on the reserves also led US dollar to rise against taka.
Bangladesh’s forex reserves crossed $10 billion in September 2008, and crossed the $11-billion mark four times in the past three years. The foreign currency reserves were $10.91 billion in the last fiscal.
- Bangladesh encourages inward remittances with new banks - Apr 04, 2012
- Bangladesh foreign currency reserves up - May 02, 2012
- Bangladesh to import sugar - Feb 27, 2012
- India's forex reserves drop by $2.4 billion - Jun 18, 2011
- India's forex reserves rise by $59 million - Jun 26, 2011
- India's forex reserves slump by $4.05 billion - Oct 01, 2011
- India's forex reserves soar $2.69 bn; up $5.41 bn in three weeks - Jun 11, 2011
- India's forex reserves fall by $2.187 billion - May 12, 2012
- Over half of Indonesia's forex reserves in US dollars - Dec 06, 2011
- India's forex reserves jump by $1.61 billion - Aug 27, 2011
- India's forex reserves rise by $749 mn - Oct 16, 2011
- India's forex reserves slump by over $4 bn - Dec 04, 2010
- India's forex reserves rise by $1.68 billion - Jun 04, 2011
- Rupee sinks to 56.18 against dollar (Lead) - May 23, 2012
- India's forex reserves rise by $858 million - Oct 29, 2011
Tags: balance of payment, bn, currency reserves, foreign currency, foreign exchange reserves, forex reserves, international monetary fund, jayed, money, remittance, researcher, rise against, taka bangladesh, three months, web news, world bank