According to the Bangladesh Bank (BB), the country currently has unrealized export earnings amounting to $1.4 billion, representing the income from exports that is yet to be repatriated.
Majbaul Haque, spokesperson for the central bank, addressed recent media reports regarding the matter and clarified that the International Monetary Fund (IMF) has not made any observation suggesting that the country has $3 billion in unrepatriated funds. Haque made this statement after the conclusion of the IMF delegation’s visit to Dhaka, where they held a closing meeting with the central bank governor on May 7.
Haque also announced that the calculation of the net foreign exchange reserve, in accordance with the IMF’s advice, will be published in the upcoming monetary policy. Additionally, he mentioned that the interest rate corridor, as per the IMF’s requirements, will be operational from June this year. The country is taking steps towards a unified exchange rate for the US dollar, aligning with the IMF’s demands. Haque assured that the country’s exchange rate is already approaching a unified level.
The implementation of the interest rate corridor and the move towards a single exchange rate are expected to contribute to the improvement of the country’s economy and address the issue of unrealized export proceeds in the near future.
