Forex reserves reach $29 billion

Bangladesh Bank has paid the Asian Clearing Union (ACU) import bills for May and June. As a result, the country's foreign exchange reserves have dropped to $29 billion.

The Asian Clearing Union is a regional payment settlement mechanism involving central banks from countries including Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, and Pakistan. Member countries pay their import dues to each other every two months through this system. However, Sri Lanka currently does not have a membership in ACU.

Arif Hossain Khan, executive director of Bangladesh Bank said, "Today, even after paying the ACU bill, the foreign exchange reserves remain acceptable and stable. The reserves remain stable as expatriate income is positive."

Earlier, the reserves increased to exceed $31 billion in the last month.