Economy
Bangladesh’s Reserves Surge by 37 Crore Dollars
In a week, Bangladesh’s foreign currency reserves have increased by an impressive USD 37.69 million, according to the latest data from the International Monetary Fund (IMF) based on the reserve accounting method. The country’s foreign currency reserve now stands at USD 20.57 billion (BPM6), a significant surge of USD 2 thousand 57 crore 31 lakh 80 thousand.
Simultaneously, the total reserves, including foreign currency and those held in various funds, have reached USD 25.76 billion, marking a notable increase of USD 576 crore 51 lakh 90 thousand.
These statistics were revealed in the weekly selected economic indicators by the Bangladesh Bank on Thursday, February 29.
The report indicates a decrease in reserves by USD 63 crore 5 lakh 10 thousand within a month. At the beginning of February, the reserves amounted to USD 1 thousand 994 crore 26 lakh 70 thousand (BPM6).
However, after accounting for the inflow of dollars from the International Monetary Fund, Asian Development Bank (ADB), and South Korean loans, the reserves surpassed the USD 20 billion mark. The Asian Clearing Union and other import payments further impacted the reserves, bringing them below the USD 20 billion threshold.
In August 2021, the country witnessed a historic high in foreign currency reserves, reaching USD 48 billion. Since then, the central bank has sold approximately USD 29 billion to alleviate the dollar crisis.
Bank officials suggest that with the commencement of the new government’s journey in January, there is an optimistic outlook for the gradual resolution of the dollar crisis. This positive development is expected to alleviate the pressure on reserves. Despite the current rate of USD 122-123 per dollar, some individuals are still facing difficulties in obtaining the desired dollars.
Banking authorities anticipate that as the government’s initiatives gain momentum, there will be a gradual improvement in the dollar crisis, resulting in reduced pressure on reserves.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
