Bangladesh is struggling to pay for imported fuel because of a dollar shortage, letters from the state petroleum firm show, with it warning of an 'alarming decrease' in fuel reserves.
People refuel their motorcycles at a gasoline station after fuel price surge up to fifty percent in Dhaka, Bangladesh, August 6, 2022. REUTERS/Mohammad Ponir HossainCentral bank says it is "managing everything rationally"DHAKA, May 22 - Bangladesh is struggling to pay for imported fuel because of a dollar shortage, letters from the state petroleum firm show, with it warning of an "alarming decrease" in fuel reserves.
. Separately, the body responsible for generating electricity and distribution also warned it had to delay payments due to the currency crunch. When asked about the letters, the central bank told Reuters it was acting rationally and prioritising dollar disbursal "given the context of the global economy".
That followed a warning in a letter in April which said: "If it is not possible to import fuel according to the import schedule prepared for May, supply may be disrupted throughout the country with an alarming decrease in fuel reserves."Bangladesh's dollar reserves have shrunk more than a third since Russia's invasion of Ukraine in February last year to stand at a seven-year low of $30.18 billion.
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