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Daily Business News All Daily Business News
18 Jul 2013
BoP surplus hits record $4.66b

The country’s balance of payments (BoP) saw a record surplus of $4.66 billion between July and May on the back of a falling trade deficit. It compares with $11 million in the surplus in the first 11 months of fiscal 2011-12, according to data from Bangladesh Bank.

The reason for the monumental jump in surplus, according to a BB official, is the significant decrease in trade deficit, due to the “moderate” increase in exports and a drop in imports in the first 11 months of fiscal 2012-13. During the period, imports decreased by 0.39 percent and exports increased around 10 percent, both of which, in turn, had the effect of narrowing the trade deficit by 26.78 percent to $6.32 billion. “The political unrest at home and lower oil prices explain the decrease in imports,” the BB official said, asking not to be named.

The import of capital machinery and industrial raw materials — both accounting for almost half of total imports — fell 14.23 percent and 3.09 percent respectively in the first , according to BB’s LC settlement statistics. Besides, every year the country has to spend a big chunk of foreign currency on fuel imports, which, too, dropped by around 9 percent. Food imports fell as well, by 31 percent, on the back of a good production at home. In the first 11 months of the just-concluded fiscal year, remittance, foreign aid, foreign direct investment increased substantially, to push up the overall balance. Thanks to the healthy BoP situation, the country has now maintained foreign currency reserve above $15 billion for more than 6 months continuously. The hale and hearty situation of the BoP, however, has thrown up a problem for the central bank: it is now finding it “very difficult” to maintain a stable exchange rate.

“If the local currency is appreciated much, exporters and expatriates may be affected,” said the BB official, adding that the central bank intervenes in the foreign exchange market almost every day to ensure that taka does not appreciate more against the dollar.

Source :: The Daily Star