While briefing journalists Mezbaul Haque, spokesperson of the Bangladesh Bank says the foreign reserve is expected to reach $ 21 billion as per the IMF formula in December.
Bangladesh is set to receive $1.31 billion in loans from various sources, including $689 million from the second tranche of the International Monetary Fund (IMF). The country has already received $690 million from IMF, $400 million from the Asian Development Bank, $90 million from South Korea and an additional $130 million from other sources.
As of December 6 this year, Bangladesh's forex reserves stood at $19.13 billion as per the IMF formula. The Washington-based lender on Tuesday approved the second tranche as part of the $4.7 billion credit programme. So, flexible exchange rates will help to prevent money laundering.
In the short run, this loan money will give some relief in foreign exchange supply.
Flexible exchange rates will help to
prevent money laundering
But in the long term, the government has to focus on sustainable policy in foreign exchange earnings through remittances and exports of goods.
There would be no problem related to foreign exchange reserve from January next year. This is good news indeed as we believe the central bank would be able to build its reserve to a comfortable level.
Therefore, the gloomy cloud that covered the country’s economy will go away soon, reminds a new sun will be shining in Bangladesh from January next year. Simultaneously, the central bank will have to check both under-invoicing and over-invoicing as well as to check foreign exchange smuggling, and thus boosting revenue earnings.
Besides, the central bank will also have to looking into the LCs’ values and actual market value of goods, which will continue to check foreign exchange smuggling through hundi. We believe braving all sorts of hurdles and odds, the government would continue pulling the country towards development.