Imports from ACU member countries mark rise
Wednesday, 5 May 2010
FE Report
Dhaka has made a routine payment of US$682 million to the Asian Clearing Union (ACU) against imports during March-April of this calendar year, officials said Tuesday.
The payment pushed the country's foreign exchange reserve down to $10.08 billion on the day from $10.62 billion of the previous day, the central bank officials confirmed.
"We've remitted the fund to the ACU headquarters in Tehran in line with the existing provision of the night-member union," a senior official of the Bangladesh Bank (BB) told the FE, adding that import from the ACU member countries particularly from India increased during the period over the previous two months.
The amount of payment rose to $682 million in the last installment from $570 million earlier mainly due to increased imports from ACU member countries, the BB official added.
Under the existing provisions, outstanding import bills and interest accruing against thereof are settled at the end of every two months among the member countries.
The ACU is an arrangement among Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka through which intra-regional transactions among the participating central banks are settled on a multilateral basis.
The union started its operations in November 1975 to boost trade relations among the member countries. Bangladesh and Myanmar joined the union as the sixth and the seventh members in 1976 and 1977 respectively.
However, Bhutan joined the ACU on December 9, 1999.
Lastly, Maldives has been included as new member from January this year.
Dhaka has made a routine payment of US$682 million to the Asian Clearing Union (ACU) against imports during March-April of this calendar year, officials said Tuesday.
The payment pushed the country's foreign exchange reserve down to $10.08 billion on the day from $10.62 billion of the previous day, the central bank officials confirmed.
"We've remitted the fund to the ACU headquarters in Tehran in line with the existing provision of the night-member union," a senior official of the Bangladesh Bank (BB) told the FE, adding that import from the ACU member countries particularly from India increased during the period over the previous two months.
The amount of payment rose to $682 million in the last installment from $570 million earlier mainly due to increased imports from ACU member countries, the BB official added.
Under the existing provisions, outstanding import bills and interest accruing against thereof are settled at the end of every two months among the member countries.
The ACU is an arrangement among Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka through which intra-regional transactions among the participating central banks are settled on a multilateral basis.
The union started its operations in November 1975 to boost trade relations among the member countries. Bangladesh and Myanmar joined the union as the sixth and the seventh members in 1976 and 1977 respectively.
However, Bhutan joined the ACU on December 9, 1999.
Lastly, Maldives has been included as new member from January this year.