Dhaka, April 10 Bangladesh's foreign exchange reserves reached $31.14 billion by the end of March, the lowest since December 2016, showed the latest central bank data.
Bangladesh Bank (BB) data showed the country's foreign exchange reserves stood at $31,142.72 million in March from $32,333.71 million in February, Xinhua news agency reported.
This is the lowest level of forex reserves Bangladesh has held since December 2016 when the country's foreign exchange reserves crossed the $32 billion mark for the first time, an official of the bank's Forex Reserve and Treasury Management Department said on condition of anonymity.
The official said that reserves slumped to a six-year low amid soaring import costs due to the Ukraine crisis that has dealt a major shock to commodity markets worldwide.
Forex reserves equivalent to six months' import bills are considered adequate for a growing economy like Bangladesh.
With the existing reserves, however, central bank officials said Bangladesh is in a position to pay around five months' import bills.
Bangladesh's foreign exchange reserves hit an all-time high of $48 billion in August 2021.
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