As the Bangladesh Bank cleared import bills worth $1.05 billion to the Asian Clearing Union (ACU) on March 6, the nation`s foreign exchange reserves fell dramatically to $31.15 billion.
According to figures from Bangladesh Bank, the reserves were $44.14 billion in March of last year, a decline of 29.4% over the previous twelve months.
Other members of the ACU, which has its headquarters in Tehran, are India, Bhutan, Iran, the Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka.
ACU is an arrangement to settle payments for intra-regional business amongst member nations.
Once every two months, the ACU`s member nations clear their payments.
In August 2021, Bangladesh`s foreign exchange reserves reached a record high of $48 billion.
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