The foreign exchange reserves of Bangladesh have become a growing concern for Bangladeshi students studying abroad. As a result of worldwide economic fluctuations, the country’s declining foreign exchange reserves have led to “messy” student payment issues, leaving many students with monetary uncertainty and delays in receiving funds for their education abroad.
In May, the foreign exchange reserve of the country fell to a seven-year low of $29.85 billion. This was followed by a fall of $32.92 billion in January 2023. According to the country’s central bank, as of June, Bangladesh’s foreign exchange reserves were roughly $31 billion. In recent months, however, these reserves have varied due to elements such as declining money transfers, decreased export earnings, and greater import demands.
Even UNESCO revealed data, according to which 33,139 students from Bangladesh left the country to study abroad in 2016. However, there was a drastic increase in the number of students going to study abroad in 2021, which stood at 49,151.
At large, there is a contrast between the conditions in Nigeria and Bangladesh. In June, Bangladesh tried to recover its reserve by floating its local currency after receiving an IMF loan. This came into effect after it was awarded in February to patch the ongoing issues.
As per the reports, two banks in Bangladesh, namely, Easter and Sonali, would be offering some trade transactions in Indian currency, as the national reserve in the country is strong as compared to other neighbouring countries.
Bangladesh has an extended tradition of respecting education and encouraging students to pursue higher education abroad. However, the current forex-related issues demand immediate attention in order to ensure that students are able to keep pursuing their academic goals without facing financial obstacles.