Dhaka, Oct 1 (IANS) Bangladesh’s foreign exchange reserves have dwindled below $10 billion after maintaining the double-digit-billion mark for three years, a media report said.
The reserves with the central bank stood at $9.88 billion Thursday, implying that it will be difficult for the country to meet next three months’ import costs, the bdnews24.com reported Friday.
Jayed Bakht, senior researcher with Bangladesh Institute of Development Studies (BIDS), expressed concern over the fall in reserves, saying that it would put the balance of payment under pressure.
‘The reserves are under pressure due to hike in import cost and decreased flow of remittance,’ he said.
‘The reserves will face more pressure if the World Bank or International Monetary Fund does not lend money,’ the web news portal quoted Bakht as saying.
The increasing pressure on the reserves also led US dollar to rise against taka.
Bangladesh’s forex reserves crossed $10 billion in September 2008, and crossed the $11-billion mark four times in the past three years. The foreign currency reserves were $10.91 billion in the last fiscal.
