Home Bank & Finance BB sold $28.7 b from reserves in 2.5 years
Bank & Finance - January 18, 2024

BB sold $28.7 b from reserves in 2.5 years

Staff Correspondent : Dollar inflow in the country has decreased significantly. Therefore, regular dollar support has been given from the reserve to meet the needs of the banks. In the last two and a half years, $28.7 billion were sold from the foreign exchange reserves of Bangladesh Bank to commercial banks.
Governor Abdur Rauf Talukdar said the main reason for the liquidity crisis is that our dollar inflow has decreased. Money is injected into the economy when net foreign exchange arrives. When the dollar inflow has decreased, the reverse is withdrawn.
The governor said while announcing the new monetary policy, “We have sold $28.7 billion in the last three financial years. Against which I have taken out Tk 2 lakh 84 thousand crores from the market, which I could not release in the market. Due to which the liquidity crisis of the banks increased. Again, Bangladesh Bank has stopped lending to the government. The government is now taking loans from commercial banks and repaying Bangladesh Bank. Due to this, the crisis has arisen. We are trying to solve these problems. Hope it gets resolved soon, he added.

It is known that in the financial year 2021-22, about $7.6 billion was sold from the reserve. $13.5 billion in the fiscal year 2022-23. And from the beginning of the current fiscal year to last Tuesday, $7.6 billion were sold. However, in these three years, Bangladesh Bank has bought some dollars, amounting to 1 billion dollars.
According to the data of Bangladesh Bank, as of January 9, Bangladesh Bank had $25.56 billion as its own reserve. And according to BPM-6, gross reserves were $20.32 billion.

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