Foreign Exchange Reserves in Bangladesh: Forex reserves to cross $50b by next year: Kamal | The Business Standard
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
FRIDAY, MAY 27, 2022
FRIDAY, MAY 27, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Forex reserves to cross $50b by next year: Kamal

Economy

TBS Report
04 November, 2020, 06:15 pm
Last modified: 05 November, 2020, 01:59 am

Related News

  • Forex reserve falls to $41b-mark with higher imports, lower remittance inflow
  • Bangladesh’s forex reserves crosses $44 bln thanks to better inflow
  • Forex reserves overstated by $7.2bn: IMF
  • Outbound investments up to 5% of forex reserve on cards
  • Reserve touches $45b from $40b in 6 months

Forex reserves to cross $50b by next year: Kamal

The finance minister says keeping forex reserves in any foreign bank is not a profitable option now, as demand for money has substantially declined globally

TBS Report
04 November, 2020, 06:15 pm
Last modified: 05 November, 2020, 01:59 am
Forex reserves to cross $50b by next year: Kamal

The country's foreign exchange reserves have crossed $41 billion and are expected to reach $50 billion by December 2021.

Keeping the forex reserves in any foreign bank is not a profitable option now, as the demand for money has substantially declined globally after the Covid-19 pandemic. Therefore, the government has decided to invest in government-sponsored projects from the burgeoning reserves.

Finance Minister AHM Mustafa Kamal said this while briefing reporters after a meeting of the Cabinet Committee on Public Purchase on Wednesday.

Minister Kamal said, "If we have good projects, especially government-sponsored ones, then we can implement those from the reserves. In such cases, our money will remain within the country, would not go out, and we will also get the projects completed."

Replying to a query about whether the government has any plan to give loans to private firms from the reserves, Kamal said, "I have no opinion on this. Prime Minister Sheikh Hasina is the absolute authority to make a decision in this regard."      

The finance minister thinks that Bangladesh economy's turnaround offsetting the virus fallout is extraordinary to the world. He said Bangladesh's position regarding the major indicators of the economy is much better than other countries. 

"That is why the World Bank and the International Monetary Fund (IMF) are praising Bangladesh. Other countries also are trying to turn around. Bangladesh will stride forward further if the global economy turns around."

Noting that the government stimulus packages have played a crucial role in turning the economy around, the minister said the prime minister announced a $14 billion package. The economists and government critics never imagined that the government would implement such a big package.

While updating the reporters about the meeting, Kamal said the committee approved eight proposals including the import of crude oil and fertilizer at a cost of Tk5,664 crore. 

Islamic Trade Finance Corporation and local banks will provide Tk5,440 crore while the government will spend Tk224 crore from its own fund.

Thirteen lakh tonnes of crude oil will be purchased in 2021 to be processed by the Bangladesh Petroleum Corporation (BPC). Bangladesh will buy it from Saudi Aramco and Abu Dhabi's Adnoc at a cost of Tk5,204 crore. 

Besides, the committee approved four proposals to purchase 30,000 tonnes of urea from Karnaphuli Fertilizer Company Limited and to import 75,000 tonnes of the fertilizer from Qatar and Saudi Arabia. This will cost the country around Tk225 crore.  

Top News

Forex reserve / Bangladesh Forex Reserve

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

  • All banks have to sell dollars at same rate
    All banks have to sell dollars at same rate
  • Ctg port Asia’s least efficient for container handling: World Bank
    Ctg port Asia’s least efficient for container handling: World Bank
  • Photo: Bloomberg
    Bigger food crisis can be averted if Asia remembers not to panic

MOST VIEWED

  • British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
    BII to invest $450m in Bangladesh in 5 years
  • Representational image. Picture: Pixabay
    Govt raises regulatory duty to discourage imports of 130 products
  • Representational Image. Photo: Mumit M/TBS
    Govt to list products to suspend imports amid dollar crisis
  • BPC hunts for dollar to import fuel oil
    BPC hunts for dollar to import fuel oil
  • Bangladesh may face debt distress from 2032: Economic Association  
    Bangladesh may face debt distress from 2032: Economic Association  
  • Changes in NBFIs’ deposit, lending rates in the offing
    Changes in NBFIs’ deposit, lending rates in the offing

Related News

  • Forex reserve falls to $41b-mark with higher imports, lower remittance inflow
  • Bangladesh’s forex reserves crosses $44 bln thanks to better inflow
  • Forex reserves overstated by $7.2bn: IMF
  • Outbound investments up to 5% of forex reserve on cards
  • Reserve touches $45b from $40b in 6 months

Features

Photo caption: Business models are already being hit by climate risk. It is the function of regulators to force banks to pay attention to the future risks to businesses. Photo: Bloomberg

HSBC and its discordant climate songbook

11h | Panorama
Illustration: TBS

Should Belayets be allowed to return to school at 55?

16h | Pursuit
Impact Hub Dhaka is designed to cater to connectivity, offering lots of communal areas where you can chat over coffee, watch a webinar as a group or even host events. Photo: Courtesy

Inside Impact Hub: The surprising benefits of working in a co-working space

17h | Pursuit
Pacific Jeans uses sustainable technology in washing and finishing, and now has the facility to wash with zero water. Photo: Courtesy

How big dreams and smart investment made Pacific Jeans a denim exporting giant 

18h | Panorama

More Videos from TBS

Inflation changes lives of limited-income people

Inflation changes lives of limited-income people

4h | Videos
 Vat on locally-made mobile phones, fridges may increase prices

Vat on locally-made mobile phones, fridges may increase prices

5h | Videos
Local brands dominate country’s refrigerator market

Local brands dominate country’s refrigerator market

5h | Videos
5 latest exciting movies

5 latest exciting movies

10h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

3
Corporates go cashless…tax cut on cards
NBR

Corporates go cashless…tax cut on cards

4
Photo: Courtesy
Panorama

Misfit Technologies: A Singaporean startup rooted firmly in Bangladesh

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
Illustration: TBS
Banking

Let taka slide

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

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

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab