Bangladesh has received the $690-million second tranche of its $4.703 billion loan from the International Monetary Fund (IMF) and $400 million loan from the Asian Development Bank (ADB) budget support loan. It means around $1.09 billion has been added with Bangladesh's foreign exchange reserves, amid dollar short supply in the domestic
Tag: foreign exchange
Exchange rate movements due to interest rates, speculation, not fundamentals
Currency values and foreign exchange rates change for many reasons, largely following market perceptions, regardless of fundamentals. Market speculation has worsened volatility, instability and fragility in most economies, especially of small, open, developing countries. US Fed pushing up interest rates For no analytical rhyme or reason, US Federal Reserve Bank (Fed) chairman
Economists for targeting trade-based capital flight
An upward trend in imports once again amid calls for austerity from the highest levels of government has raised concern among economists as to whether truly effective steps are being taken to check trade-based capital flight, particularly through the practise of over-invoicing by the country's importers. The government has been looking
Country’s forex reserves now $34.3b: As per IMF formula it’s $26.3b
Bangladesh's foreign exchange reserves is falling due to meeting import demand of essential goods and a downward trend in remittance-export incomes, the latest data of Bangladesh Bank revealed. After paying $1.35 billion to Asian Clearing Union (ACU) as an import bill for September-October, and $131 million spent to meet LC
BB asks banks to provide Tk 107 per dollar in remittances
Bangladesh Bank has asked banks to provide Tk 107 against per US dollar inward remittance. A remitter will now get Tk 107 per dollar, even if they send remittance directly through banks.Currently, remitters are getting Tk 99.5 per dollar through the banking channel. Remittance flow through banks fell drastically in
3 reasons for country’s falling forex reserves
Despite curbing imports, Bangladesh's foreign exchange reserve fell to USD 36 billion - lowest in 28 months - due to 3 reasons, economists believe. The reasons are: imbalance in export-import, high dependency on imported oil and gas, and decreasing trend in inward remittance flow. The forex reserves stood at USD
Forex outflow sans imports rises 33pc
The outflow of foreign exchange, excluding imports, rose 33 percent to US$1,659 in the first 11 months of FY22 from $1246 during the same period of the previous fiscal, official sources said. The dollar outflow took place on accounts of expenses for traveling, education, medical treatment, information service and outward remittance,
BB struggles to meet growing demand for USD
Bangladesh Bank (BB) is struggling to meet growing demand for the US dollar amid a sharp rise in post-pandemic economic activities. The number of credit bonds or LCs for importing goods is increasing unusually. In the first nine months of the current FY 22 (July-March), traders have opened LCs worth
MBL holds training on Foreign Exchange Transactions & Reporting
Mercantile Bank Training Institute organized a training on ‘Foreign Exchange Transactions & Reporting’ recently. A total number of 40 officials from International Division & CTPC of Head Office and AD branches of the bank from Dhaka region participated in the training. Shamim Ahmed, Deputy Managing Director & CAMLCO of the bank inaugurated
MBL holds training on ‘Online Foreign Exchange Transaction’
Mercantile Bank Training Institute organized a virtual Training on 'Online Foreign Exchange Transaction Monitoring & Management System' recently. According to a press release, respective desk officials from the International Division of Head Office and AD branches of the bank participated in the virtual sessions. Mari Biswas, Joint Director, Statistics Department, and Satta