Finance Minister AMA Muhith expressed satisfaction at the forex reserve level that tipped the $ 13 billion mark for the second time this year, but at the same time he said he has to consider the adverse impacts of i toot.
On Thursday, the forex reserve stood at $ 13.06 billion. Earlier on
Jan 7, the forex reserve stood at $ 13.12 billion – topping all other previous
records of Bangladesh.
The Minister was speaking to bdnews24.com at his
office at the secretariat. If forex reserve increases, donors do not send aids,
“You are well off, what is the need for aids? They will say
then,” said Muhith.
According to him, the reserve is satisfactory leaning
on the remittance sent in by expatriate Bangladeshis.
He said an increase
in remittance or reserve led to inflation – which the government was trying to
keep within limits through the monetary policy of the Bangladesh Bank.
questions whether the reserve would be employed in investment, Muhith responded
positive. “Yes of course… Just wait and see.”
The Minister said not only
remittance, but revenue, export, manpower export, foreign aids and foreign
investments were at satisfactory levels.
He complained that media in
Bangladesh were misers in praising Bangladesh, whereas in foreign countries
Bangladesh is praised almost regularly.
On Wednesday, Prime Minister
Sheikh Hasina announced that work of the Padma Bridge will begin with optional
funding if World Bank does not agree to comply within the current
If this happens, then foreign currency would be required to build
the Padma project.
Earlier when the WB had halted its funds, the Prime
Minister had spoken of bridging the Padma with own funds.
Governor Atiur Rahman then had said that foreign currency will be provided from
reserve for the sake of Bangladesh’s economy.
On forex topping $ 13
billion mark for second time this month, Bangladesh Bank Forex Reserve and
Treasury and Management division General Manager Kazi Saidur Rahman told
bdnews24.com it was possible due to the positive flow of
“Besides, as the price for Dollar has come down, exporters
are quickly bringing in their payment. This has contributed to a rise in the
flow of foreign currency,” he said.
The official added that decreased
export costs and a rise in project aid disbursement had also
The forex reserve that was $ 13.12 billion in the first week
of January, came down to $ 12.63 billion after clearing import bills of Asian
Clearing Union (ACU). It again rose within 17 days due to the positive inflow of
In Jul-Dec of 2012-13 fiscal, remittance increased 22 percent
from last year.
Within the same time, export revenue gained 7 percent and
from Jul-Nov import costs decreased by 6.88 percent.
Jul-Nov foreign aids increased by 107 percent.
On Thursday, a Dollar was
traded for Tk 79.30. In January last year, its price was almost Tk