The Bangladesh Bank injected $12.79 billion into banks in FY2023-24 to address a severe US dollar crisis impacting import payments. This move also absorbed an equivalent amount of local currency, contributing to a local liquidity crisis, according to a senior central bank official. Over the past three fiscal years, the central bank has injected a total of $33.99 billion into the banking system, depleting forex reserves to $21.83 billion by June 30, 2024, down from $33.38 billion at the end of FY22. Despite import control measures introduced since April 2022, which reduced import payments by 12.59% year-on-year for July-March FY24, the central bank continues dollar support, primarily to state-run banks handling government import bills.
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