As of April, the dollar balance in Bangladesh’s commercial banks was $504.73 million, down from $549.77 million the previous year. At the start of the fiscal year in July, it was $590.05 million, peaking at $617.4 million in September before gradually decreasing. Despite a decrease in imports to $45.62 billion from $53.94 billion, exports rose to $47.47 billion from $45.68 billion, and remittances increased to $19.12 billion from $17.72 billion. However, reserves declined from $23.37 billion in July to $19.97 billion in April, due to a financial account deficit of $9.26 billion compared to $2.93 billion last year. The negative net trade credit and non-repatriated exports, along with a net foreign debt repayment of $1.78 billion, contributed to this deficit. Commercial banks are now seeking foreign currency deposits through offshore banking, encouraged by the central bank, with bank MDs promoting this in the US.
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