Forex reserve falls
Friday, 14 November 2008
FE Report
The country's foreign exchange reserve came down to US$5.046 billion on November 12 from $5.759 billion on October 5 last after payment to the Asian Clearing Union (ACU).
On November 3 last, the central bank remitted the routine payment worth US$498 million to the ACU headquarters in Tehran that pushed the foreign exchange reserve down to $5.090 billion from $5.498 billion on the previous day.
It is not clearly known as to whether the foreign exchange reserve came under any valuation loss in US dollar term due to fluctuation in cross-currency rates in the global market particularly the exchange rates of the greenback in relation to Euro.
Major currencies including Euro, Great Britain Pound (GBP) witnessed shedding of value in US dollar term during the period under review.
Meanwhile, the flow of inward remittances fell by 17.40 per cent in October over the previous month due mainly to decline in the exchange rates of Euro and GBP.
The remittances from Bangladeshi nationals working abroad were estimated at US$655.98 million in October this year while in September it was worth $794.18 million, according to the central bank statistics.
The remittances were $820.71 million in July last while the amount was $721.92 million in August last, the BB's data showed.
"We expect that the flow of inward remittances would increase in this month ahead of the Eid-ul-Azha festival," a senior official of a private commercial bank told the FE Thursday.
He also said most of private commercial banks along with the state-owned commercial banks are continuously trying to increase the flow of remittances to meet their internal demand.
The country's foreign exchange reserve came down to US$5.046 billion on November 12 from $5.759 billion on October 5 last after payment to the Asian Clearing Union (ACU).
On November 3 last, the central bank remitted the routine payment worth US$498 million to the ACU headquarters in Tehran that pushed the foreign exchange reserve down to $5.090 billion from $5.498 billion on the previous day.
It is not clearly known as to whether the foreign exchange reserve came under any valuation loss in US dollar term due to fluctuation in cross-currency rates in the global market particularly the exchange rates of the greenback in relation to Euro.
Major currencies including Euro, Great Britain Pound (GBP) witnessed shedding of value in US dollar term during the period under review.
Meanwhile, the flow of inward remittances fell by 17.40 per cent in October over the previous month due mainly to decline in the exchange rates of Euro and GBP.
The remittances from Bangladeshi nationals working abroad were estimated at US$655.98 million in October this year while in September it was worth $794.18 million, according to the central bank statistics.
The remittances were $820.71 million in July last while the amount was $721.92 million in August last, the BB's data showed.
"We expect that the flow of inward remittances would increase in this month ahead of the Eid-ul-Azha festival," a senior official of a private commercial bank told the FE Thursday.
He also said most of private commercial banks along with the state-owned commercial banks are continuously trying to increase the flow of remittances to meet their internal demand.