May 28, 2024 7:38 PM

Fitch Downgrades Bangladesh to ‘B+’; Outlook Stable

Fitch Ratings has downgraded Bangladesh's Long-Term Foreign-Currency Issuer Default Rating on Monday to 'B+' from 'BB-' owing to weakening of Bangladesh's external buffers. The country's forex reserves are down substantially due to continued forex interventions, capital outflows and persistent use of informal channels for remittances. Bangladesh's reserves have fallen by 15% from January 2024 levels to USD18.4 billion, said the agency in a report. Domestic US dollar scarcity has resulted in eff...