Economy has strong base – Atiur

Economy has strong base – Atiur

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Foreign exchange reserve with the Bangladesh Bank has crossed $14-billion mark for the first time.Bangladesh 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 installment 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, Bangladesh 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 July 1, 2012 and February 22 this year, the expatriate Bangladeshis sent in $9.6 billion.
Saidur Rahman 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. bdnews24.com

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