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The trade deficit of Bangladesh for fiscal 2022 (FY22) is projected to be $33 billion considering that the country’s import costs continue to be higher than its export earnings and remittances. The deficit is likely to reach $36.70 billion in the nest fiscal, according to Bangladesh Bank (BB). The central bank had initially projected the deficit to be $26.60 billion in FY22.
The deficit had already widened to $27.56 billion during the first 10 months of fiscal 2022, the central bank said.
Trade deficit of Bangladesh for FY22 is projected to be $33 billion considering that the country’s import costs continue to be higher than its export earnings and remittances. The deficit is likely to reach $36.70 billion in the nest fiscal, according to Bangladesh Bank. The central bank had initially projected the deficit to be $26.60 billion in FY22.
The country’s current account deficit is also likely to go from a $4.5 billion a year ago to $17.73 billion in this fiscal, as per the Bangladesh Bank’s projections.
Additionally, the bank recently raised its policy rate by 50 basis points to 5.5 per cent to manage the demand side pressures, making it the second hike in a month. On May 29, the bank had increased the rate by 25 basis points to 5 per cent after about a decade.
Fibre2Fashion News Desk (KD)
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