Bangladesh’s foreign exchange reserves are increasing

Last Updated on October 22, 2024 5:31 am

Bangladesh’s foreign exchange reserves are gradually increasing and stabilizing, said Bangladesh Bank Governor Dr. Ahsan H. Mansur.

In an interview with UNB on Sunday, Governor Ahsan H. Mansur said that during the previous government’s tenure, the reserves were decreasing by $1.3 billion (1.3 billion) per month, but now it is returning to a positive trend.

Ahsan H. Mansur also said that a significant amount of money has already been paid for fertilizer, electricity and Adani-Chevron’s outstanding dues.

In the last two months alone, the central bank has reduced the outstanding bills from $2.5 billion (2.5 billion) to $700 million (700 million).

As of October 8, according to BPM6, Bangladesh’s foreign exchange reserves stood at $19.82 billion. And the total reserves have reached $24.97 billion.

Governor Ahsan H. Mansur said that the central bank’s primary goal is to repay the remaining loans within the next two months and become debt-free by November-December. He said that if this can be achieved, the liquidity situation in the market is expected to improve.

Repaying these arrears is expected to reduce pressure on the economy, which will accelerate economic activity. The central bank is preparing to borrow an additional $10 billion from various international institutions to boost the economy.

The central bank governor, however, expressed concern about the country’s growing foreign debt; which has now reached $103 billion. Due to this, the pressure to repay the debt is constantly increasing. However, urging patience, he said that it will take at least a year to successfully overcome the current debt challenge.