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Bangladesh's forex reserves fall below 34 bln USD

02 Dec 2022, 02:05 GMT+10

DHAKA, Dec. 1 (Xinhua) -- Bangladesh's foreign exchange reserves fell below 34 billion U.S. dollars at the end of November this year, the central bank data showed on Thursday.

According to Bangladesh Bank data, the country's foreign exchange reserves stood at 33.790 billion dollars on Nov. 30 from 35.809 billion dollars in October.

Forex reserves slumped to over a two-year low as the central bank of Bangladesh sold 71 million dollars in the interbank market to help banks clear import bills, a central bank official said.

The official, who did not like to be named, said the reserves hit 35.72 billion dollars on Nov. 1, but started falling after a regular bi-monthly payment of over 1.30 billion dollars to the Asian Clearing Union on Nov. 8.

Bangladesh's forex reserves surpassed the 48-billion-U.S. dollar mark in August last year, the highest ever in history, due to a slowdown in imports and rising remittance and export earnings during the COVID-19 pandemic.

In a bid to boost shrinking forex reserves, the central bank has taken various measures, including relaxed rules, to woo more remittances from millions of Bangladeshi people living and working abroad in recent months.

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