Dhaka, Bangladesh (BBN) - Bangladesh’s imports from the Asian Clearing Union (ACU) member countries increased by nearly 9.50 per cent in the September-October period of this calendar year, officials said.
The amount of ACU payment rose to $1.50 billion during the period under review from $1.37 billion earlier mainly due to higher imports from the ACU member countries, particularly from India.
After the payment, the country’s gross foreign exchange (forex) reserves came down to $24.19 billion on Tuesday from $25.66 billion on Sunday as per traditional calculation of the Bangladesh Bank (BB).
It was $25.73 billion on Thursday last.
As per the International Monetary Fund (IMF)’s Balance of Payments International Investment Poisson Manual-six edition, generally known as BMP6, the forex reserves fell to $18.46 billion on Tuesday from $19.93 billion on Sunday, according to the central bank’s latest data.
Such reserve was $20.01 billion on Thursday.
Earlier the reserve, one of the major macroeconomic indicators of an economy, fell to $24.53 billion in terms of gross calculation of the central bank after clearing $1.37 billion import payments to the Asian Clearing Union (ACU) on September 07 last while the reserve stood at $19.46 billion as per IMF’s BMP6.
“We’ve already remitted the fund to the ACU headquarters in Tehran in line with the existing provisions of the union,” a BB senior official told the BBN on Tuesday.
As per the existing provisions, outstanding import bills and interest thereof are to be paid by member countries at the end of every two months.
Bangladesh is now importing different consumer items, cotton, raw materials and capital machinery from the ACU member countries, especially from neighbouring India, according to the central banker.
The ACU is an arrangement involving Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan, Sri Lanka and the Maldives through which intraregional transactions among the participating central banks are settled on a multilateral basis.
The union started its operation in November 1975 to boost trade among the member countries. Bangladesh and Myanmar joined the union as the sixth and seventh members in 1976 and 1977 respectively.
Bhutan joined the ACU in December 1999 and the Maldives in January 2010.
BBN/SSR/AD