Bangladesh Bank Governor Abdur Rouf Talukder said that there would be no problem related to foreign exchange reserve from January next year. He expressed such hope since the country’s exports and remittances have become surplus against imports. We hope the gloomy cloud that covered the country’s economy will go away soon.
A Bangladesh Bank investigation unearthed that the country’s unusual import volume increased over $8 billion since the beginning of this year. After looking into the matter and scrutinising the imported goods, the imports fell to $5 billion.
The central bank is now working to check both under-invoicing and over-invoicing as well as to check foreign exchange smuggling, and thus boosting revenue earnings. The central bank is only looking into the LCs’ values and actual market value of goods, which will continue to check foreign exchange smuggling through hundi.
Country’s people should
not to pay heed to any
rumour over the country’s
foreign exchange reserve
We believe braving all sorts of hurdles and odds, the ruling Awami League would continue pulling the country towards development. When many foreign countries suffered a deep economic recession caused by the Russia-Ukraine war, sanctions, counter sanctions and the Covid-19 pandemic, Bangladesh is tackling the situation with making the right decision and doing the right thing.
But some vested elements led by the Bangladesh Nationalist Party (BNP) leaders are cashing the global crisis and spreading propaganda regarding the reserve money.
All know that the Awami League government never wastes a single paisa from the foreign currency reserve, rather use money for the country and its people’s interest. It spends every penny for the interest and welfare of the people as it is determined to overcome the current crisis, save lives and accelerate economic recovery.
The government is importing necessary things like food, fuel oil, gas, edible oil, wheat and corn at much higher price using the reserve to make those available and ease sufferings of the common people. The reserve money is also used in purchasing capital machineries. Besides, the government has given loan from the reserve to Bangladesh Biman to purchase planes.
Keeping this tough time in mind, we all will also have to maintain austerity, do saving and avoid extra expenditure. It is envisaged that the foreign currency reserve and inflow of remittances will also be rejuvenating the country’s financial sector from the very beginning of the next year.
Apart from these, it is expected that the country’s export earnings growth rate will also show a positive trend that will bring smiles to the business community. Therefore, country’s people should not pay heed to any rumour over the country’s foreign exchange reserves.
