Forex reserves still enough to cover 5 months' imports: PM

 Prime Minister Sheikh Hasina on Sunday said Bangladesh still has adequate reserves of foreign exchange - enough to meet five months' import expenditures.

“The forex reserve was US$ 35.72 billion on November 03, 2022. Still it is possible to import goods for five months with our reserve of foreign currencies. Whereas international standard is to maintain enough to pay for three months' import,” she told Parliament.

Sheikh Hasina, also the Leader of the House, was addressing the valedictory speech in the 20th session of the 11th Parliament.

She said everyone now talks about the reserve and everyone has become expert over it. The reserve was only US$ 2.12 billion in 1996 but her first government raised it to nearly US$ 4 billion by 2001.

The PM said the AL government, coming to power again in 2009, found the forex reserve of US$ 5.35 billion on January 06, 2009, which was raised to 17.47 billion on 08 January, 2014, US$ 32.09 billion on January 7, 2019, US$ 36.04 billion on June 30, 2020 and $46.39 billion on June 30, 2021.

She said the forex reserve went up to nearly US$48 billion during the Covid-19 as the import of goods declined sharply and the capital machinery was not imported during the pandemic.  

But when the Covid restrictions were withdrawn, the imports of goods normally increased. So, the forex reserve declined, she said.    

She, however, stressed the need for reducing the import of luxurious goods and imposition of high taxes on the import of less necessary products.

Besides, Sheikh Hasina, in her speech, focused on the government’s steps taken to ensure enough stock of foods, to ease the dollar crisis, to lessen import expenditures and to expand food-friendly programmes including OMS.

She also highlighted subsidies to different sectors, expansion of the social safety net, the export growth, dengue outbreak, the amount of the government’s loans and foreign debts.

Later, the 20th session of the current parliament, which lasted for six sittings, was prorogued.

Speaker Dr Shirin Sharmin Chaudhury read out the prorogation order of the President for the session that started on October 30 last, reports UNB.