BB makes routinepayment of $1.0bto ACU
Siddique Islam | Monday, 7 March 2011
Siddique Islam
Bangladesh has made a routine payment of about US$1.0 billion to the Asian Clearing Union (ACU) against imports during January-February period of this calendar year. After this payment, the country's foreign exchange reserve came down to $10.31 billion Sunday from $11.23 billion of the previous working day, the central bank officials said. "It was the ever-highest ACU payment in the history of Bangladesh. We've already remitted the fund to the ACU headquarters in Tehran, in line with the existing provision of the nine-member union," a senior official of the Bangladesh Bank (BB) told the FE. The amount of payment rose to $994 million in the last instalment from $909 million earlier mainly due to increased imports from other ACU member countries, the BB officials confirmed. Under the existing provisions, outstanding import bills and interest accruing thereon are settled at the end of every two-month period among the member countries. The BB official also said Bangladesh is importing different consumer items and raw materials from the ACU member countries, particularly from India to meet the growing demand in the local market.
Bangladesh has made a routine payment of about US$1.0 billion to the Asian Clearing Union (ACU) against imports during January-February period of this calendar year. After this payment, the country's foreign exchange reserve came down to $10.31 billion Sunday from $11.23 billion of the previous working day, the central bank officials said. "It was the ever-highest ACU payment in the history of Bangladesh. We've already remitted the fund to the ACU headquarters in Tehran, in line with the existing provision of the nine-member union," a senior official of the Bangladesh Bank (BB) told the FE. The amount of payment rose to $994 million in the last instalment from $909 million earlier mainly due to increased imports from other ACU member countries, the BB officials confirmed. Under the existing provisions, outstanding import bills and interest accruing thereon are settled at the end of every two-month period among the member countries. The BB official also said Bangladesh is importing different consumer items and raw materials from the ACU member countries, particularly from India to meet the growing demand in the local market.