Bangladesh Struggles as the Dollar Situation Intensifies to Pay for Imported Petroleum

Bangladesh imported the fuel and is now trying to pay for the fuel due to the dollar shortage letter reviewed by Reuters showing the state oil company is facing real crises, because of the alarming fall down in the oil reserves, and the company owes $300 million.
Bangladesh is a country of almost 170 million people, and all the marketing and import of oil in the country is managed by the Bangladesh Petroleum crops, which interacts with the government to allow the commercial banks and the domestic banks to make a deal with India in Indian Rupees. However, the dollar reserves in the country continuously moving down, as per estimation, shrunk by more than a third as Russia’s occupation of Ukraine in February last year, this is the 7th year of the low of almost $30.3 billions. Mainly dependent on energy imports struggles with power cuts because of the fuel crises which are tough for the export oriented garment industries.
Furthermore, due to the shrinkage of the USD in the domestic markets, and also the central bank is unable to fulfil the requirements and the conditions for the USD; in addition, the commercial banks are not also eligible even to pay for the imports on time as per the letter issued by the BPC to Power Authorities. Furthermore, a warning followed in the letter as per the April letter, as if this is challenging to buy the fuel as per the scheduled for May, so if we do not follow the schedule for the fuel import the country will face a serious fuel crises, that is the alarming situation ad many chances of shrinkage of the oil reserves.
However, the Central Bank and the BPC did reply to the comments. However, as t[per the reports, 500,000 tons of refined oil and crude oil are almost 100,000 for the BPC every month. Furthermore, as per the April letter, the supply of oil kept on decreasing and the supplier delivered fewer cargoes than scheduled.
Also, the creditors include the ENOC, the centre of the China state owned Sinope , Indonesia BSp and many more, as mentioned. Many companies are forcing the supplies to cut off the fuel supplies and many other suppliers that are sending the few cargoes as per the schedule as the BPC stated.

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