The country’s foreign exchange reserves have reached USD 25.16 billion, signaling a positive shift in the nation’s economic trajectory despite several variabilities.
This positive trend is visible due to the various government measures that have successfully impacted the demand and supply dynamics of the US dollar.
Bangladesh Bank Spokesperson Md Mezbaul Haque confirmed the reserve amount during a press briefing on Thursday.
He said that the country faced a high demand for dollars in the previous year, leading to a challenging economic scenario. However, through a series of initiatives, the government has managed to reduce this demand while simultaneously increasing the supply of dollars.
As a result, the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers Bangladesh (ABB), have jointly decided to lower the dollar rate by Tk 0.50, a move seen as favorable for the economy.
Citing further economic improvements, he hoped that inflation would decrease to 8 percent by December. Additionally, a new dollar rate has been established, with a reduction of Tk 0.50 per dollar for both imports and exports, as well as remittances. This decision, made during a collaborative meeting between ABB and BAFEDA, on Thursday.
The announcement comes amidst a prolonged crisis of American dollars in the country, with previous attempts to address the issue proving unsuccessful. Despite multiple government interventions to regulate the dollar exchange rate, some banks continued to buy remittances at rates ranging from Tk 121 to Tk 122.
The latest initiative to lower the dollar rate reflects the ongoing efforts of policymakers to stabilize the foreign exchange market and ensure economic resilience.
It is to be noted, the country paid USD 1.31 billion to Asian Clearing Union (ACU) in the import bill for the months of July and August. At that time, the actual foreign exchange reserves stood at USD 21.50 billion.
