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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

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    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Putin allows Russian banks under sanctions to halt some FX operations

    Putin allows Russian banks under sanctions to halt some FX operations

    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

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    Paraguay’s crypto framework one step away from becoming law

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Forex reserves still ample

Forex reserves still ample

poweradmin by poweradmin
June 17, 2022
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As of June 8, reserves stood at $41.7 billion, which is enough to settle import bills for about 5.6 months, according to data from the BB.

It is the standard for any country to keep enough reserves to settle import bills for at least three months, he said at a two-day summit titled “Building Cyber Resilience for Banks” organised by the Association of Bankers, Bangladesh.

So, we are still in a comfort zone,” said Kabir, who would be replaced by current finance secretary, Abdur Rouf Talukder, as the head of the central bank from July 4.

In normal times, this would have been adequate. But given the elevated global inflation, the World Bank and the International Monetary Fund recommend an import bill cushion of 9-10 months.

Last year, Bangladesh’s foreign exchange reserves were enough to cover 9-10 months’ import bills. But with the global economy opening up and trade resuming in full swing, the cushion started lessening.

Along with the declining remittance and global inflation as a result of the disruptions in the supply chain for the pandemic, the reserves came under pressure.

Between July last year and April this year, imports averaged $7.4 billion a month. A year earlier, it was $5.2 billion.

poweradmin

poweradmin

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