Bangladesh’s forex reserves cross $30bn

Bangladesh has received 507 million dollars as budget loan assistance from the World Bank (WB).

Bangladesh has received 507 million dollars as budget loan assistance from the World Bank (WB). This money has added to the country’s forex reserves. As a result, the reserve has crossed 30 billion dollars. Two days ago, the reserve was $29 billion after paying import charges.

According to Central Bank sources, the World Bank has given a cash loan of 507 million dollars to Bangladesh to improve the quality of life of poor people as a budget support. Besides, more loans will be available from donor agencies in the coming days. Apart from this, various facilities have been provided to expatriates to send remittances through legal channels, which is expected to increase the remittance inflow in the coming days which will help to rise the reserve in the future.

Central Bank Executive Director and Spokesperson Md Mezbaul Haque said that many issues are in the pipeline. Organizations from which we have sought loan assistance are in process. Very soon we will get loan assistance from them. The central bank expects that the gross reserves will rise above 32 billion dollars by next June if these assistances come.

He said we received 507 million dollars from the World Bank as budget support on Tuesday. It has been added to the reserves. As a result, the reserve increased to 30.36 billion dollars.

According to central bank data, the reserves hit $29 billion for the first time in April in 2016. At the end of that fiscal year, the reserve exceeded $30 billion. After 7 years, the reserves again fell to 29 billion. Again, the reserves increased and exceeded 30 billion dollars.