Decision on using forex reserve before June: Kamal | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Saturday
June 10, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SATURDAY, JUNE 10, 2023
Decision on using forex reserve before June: Kamal

Economy

TBS Report
17 December, 2020, 04:30 pm
Last modified: 17 December, 2020, 10:12 pm

Related News

  • As inflation roars FinMin pins hope on falling global prices
  • No hard message for ailing financial sector
  • Central bank's steps caused liquidity crisis: Finance minister
  • This budget will be for the poor; social safety net to get boost: Finance minister
  • An uphill battle for Kamal in election year

Decision on using forex reserve before June: Kamal

The FM informed that the foreign currency reserve reached record $42 billion, even after making $100 million mega projects’ payments from the reserve

TBS Report
17 December, 2020, 04:30 pm
Last modified: 17 December, 2020, 10:12 pm
Decision on using forex reserve before June: Kamal

Finance Minister AHM Mustafa Kamal said that Prime Minister Sheikh Hasina is likely to come up with something before the next budget for proper utilisation of the country's excess foreign currency reserves.

"The prime minister is contemplating on how much fund might be required to make payments especially for the mega projects. She is likely to come up with something in this regard before the next budget. She will take decisions as she has been working to this end with attention," he said Thursday.

The finance minister was replying to a question virtually after the day's meetings of cabinet committee on economic affairs and cabinet committee on government purchase. He joined the meetings from Singapore.

Arguing that if the foreign currency reserve is invested abroad, then it yields one to two percent interest rate, he said, "But, if it is invested into government purposes after receiving in dollars, then the fund flow will remain intact while the income of the government would increase to a big extent."

Turning to the recent attainment of reaching the foreign currency reserve to the record height of $42 billion, Kamal reminded that the government had earlier projected that the foreign currency reserve will reach $42 billion by this December.

"But, we've able to attain that target much earlier and this is a big achievement for the nation."

Reiterating that the foreign currency reserve would reach $50 billion by 2030, he said, "We're saying this according to our calculation and we expect if there is no such untoward incident in the world, then we'll be able to reach that goal."

Expressing his satisfaction at the inward remittance flow that totaled $11 billion in the first five months (July-November) of the current fiscal year (FY21), Kamal said that the remittance inflow of these five months is also 60% of the fiscal target. "If this trend continues, the foreign currency reserve will also increase."

The FM also informed that $100 million payments of mega projects were made from the foreign currency reserve during this July-November period. Despite this, the foreign currency reserve reached $42 billion.

Top News

Forex reserve / Finance Minister AHM Mustafa Kamal

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • More taxes proposed for pvt unis, English medium schools, trade orgs, NGOs
    More taxes proposed for pvt unis, English medium schools, trade orgs, NGOs
  • Illustration: TBS
    Inflation roars on
  • Photo: Collected
    World Bank keeps Bangladesh GDP growth unchanged at 5.2% in FY23

MOST VIEWED

  • Illustration: TBS
    'E-com potential still untapped, needs more investments'
  • Photo: Collected
    Taka devalued against dollar by Tk1.5 again
  • Inflation hits decade-high at 9.94% in May
    Inflation hits decade-high at 9.94% in May
  • Export earnings see $1b jump in May
    Export earnings see $1b jump in May
  • Dhaka-Tongi-Joydebpur railway expansion project cost to rise 294%
    Dhaka-Tongi-Joydebpur railway expansion project cost to rise 294%
  • Photo: Collected
    Remittance drops in May due to hundi

Related News

  • As inflation roars FinMin pins hope on falling global prices
  • No hard message for ailing financial sector
  • Central bank's steps caused liquidity crisis: Finance minister
  • This budget will be for the poor; social safety net to get boost: Finance minister
  • An uphill battle for Kamal in election year

Features

Yamaha MT-15 V2

Top 3 150-160cc naked sports bikes in Bangladesh

9h | Wheels
Infograph: TBS

Balancing lives and livelihoods: How can South Asia prepare for the next pandemic?

11h | Panorama
Earning more money isn’t exactly a priority for Messi, already one of the world’s richest athletes. Photo: Bloomberg

Why Lionel Messi chose Miami over Riyadh

12h | Panorama
Many stores at the solar wholesale markets are now half full. Or half empty. Photo: Noor-A-Alam

Empty stores and crowded corridors: How the solar market ran out in a week

14h | Panorama

More Videos from TBS

Stats of Europe’s Top 5 League

Stats of Europe’s Top 5 League

6h | TBS SPORTS
13 helpful tips to negotiate about job

13 helpful tips to negotiate about job

1d | TBS Career
Why did Messi turn away from Europe?

Why did Messi turn away from Europe?

1d | TBS SPORTS
Tips to getting sleep on a hot night

Tips to getting sleep on a hot night

14h | TBS Health

Most Read

1
bKash denied permission to pay $4.10 lakh for Argentina football partnership
Banking

bKash denied permission to pay $4.10 lakh for Argentina football partnership

2
Photo: Noor-A-Alam/TBS
Splash

The Night Dhaka did NOT vibe with Anuv Jain

3
Photo: TBS
Energy

2nd unit of Payra power plant to shut down over coal shortage

4
Photo: Screengrab from a video posted by a NSU student
Energy

'Will collapse any moment': NSU teachers, students raise concern after long power outage hit country's largest private uni

5
Digital bank licence requires Tk125cr capital
Banking

Digital bank licence requires Tk125cr capital

6
Photo: Salahuddin Ahmed Paulash/TBS
Energy

LPG price drops by Tk13.42 per kg

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]