Economy has strong base: Governor

Bangladesh Bank’s foreign exchange reserve has crossed $14-billion mark for the first time.

Central bank Governor Atiur Rahman expressed hope that import costs for the next five months would be met with the present reserves.

The reserves stood at $14.1 billion Tuesday.

The Governor told bdnews24.com the reserves would increase further when the second instalment of $141 million of an IMF loan would be added Wednesday.

Atiur also said the reserve proved that Bangladesh’s economy had a strong base.

Apart from remittance, the increase in export earnings and decrease in import costs played their role in boosting the reserves, central bank’s General Manager Quazi Saidur Rahman told bdnews24.com.

The remittance sent in the first eight months of the current fiscal is 18 percent more than the same sent in the corresponding period last fiscal.

Analysts say the boosted reserve is encouraging the government to build the Padma bridge with Bangladesh’s own money.

According to the central bank, expatriate Bangladeshis remitted $14.2 billion last year. The amount is 21 percent more than the previous year and a record in itself.

Like last year, the upbeat flow of remittance has continued this year. In January, Bangladesh received $1.33 billion remittance. The amount was $870 million in the first 22 days of February.

Between Jul 1 2012 and Feb 22 this year, the expatriate Bangladeshis sent in $9.6 billion.

Saidur said the expatriates sent over $1 billion in a month in the past two years.

“The money they sent has kept the base of the country’s economy strong. Their role will be the key one in building the Padma bridge with our own money,” he added.

Source: bdnews24

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