Country's forex reserve stands at $5.02b after payment to ACU
Tuesday, 13 November 2007
FE Report
Bangladesh paid over US$462 million to the Asian Clearing Union (ACU) on account of imports pushing the country's foreign exchange reserve to $5.02 billion Monday, official sources said.
The Bangladesh Bank (BB) remitted the fund to the ACU headquarters in Teheran on the day as routine payment in line with the existing provision of the eight-member organisation.
Under the existing provisions, settlement of the balance and accrued interests is made at the end of each two-month period among the ACU member countries.
The amount of payment rose to $462 million in the September-October period from $390 million of the July-August period this year, the sources added.
The increase indicates that the imports, mainly food grains, from other ACU member countries, particularly India, have increased during the period.
"We have sent the payment to the authorities concerned in line with the existing provisions," a BB senior official told the FE Monday, adding that India is main trading partner of Bangladesh among the ACU member countries.
He also said the foreign exchange reserve position may improve shortly on receipt of a fund amounting to about $50 million from the Asian Development Bank (ADB).
The ACU is an arrangement among Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka to facilitate intra-regional transactions among the participating central banks on a multilateral basis.
The ACU started its operations in November 1975 to help boost trade relations among its member countries. Bangladesh and Myanmar joined the union as the sixth and seventh members in 1976 and 1977 respectively. Bhutan joined the ACU on December 9, 1999.
Bangladesh paid over US$462 million to the Asian Clearing Union (ACU) on account of imports pushing the country's foreign exchange reserve to $5.02 billion Monday, official sources said.
The Bangladesh Bank (BB) remitted the fund to the ACU headquarters in Teheran on the day as routine payment in line with the existing provision of the eight-member organisation.
Under the existing provisions, settlement of the balance and accrued interests is made at the end of each two-month period among the ACU member countries.
The amount of payment rose to $462 million in the September-October period from $390 million of the July-August period this year, the sources added.
The increase indicates that the imports, mainly food grains, from other ACU member countries, particularly India, have increased during the period.
"We have sent the payment to the authorities concerned in line with the existing provisions," a BB senior official told the FE Monday, adding that India is main trading partner of Bangladesh among the ACU member countries.
He also said the foreign exchange reserve position may improve shortly on receipt of a fund amounting to about $50 million from the Asian Development Bank (ADB).
The ACU is an arrangement among Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka to facilitate intra-regional transactions among the participating central banks on a multilateral basis.
The ACU started its operations in November 1975 to help boost trade relations among its member countries. Bangladesh and Myanmar joined the union as the sixth and seventh members in 1976 and 1977 respectively. Bhutan joined the ACU on December 9, 1999.