Bangladesh’s forex reserves cross $34 billion mark for the first time

[Destranator]

Bangladesh’s forex reserves cross $34 billion mark for the first time

Bangladesh’s foreign exchange reserves have crossed US$34 billion mark for the first time, after a substantial amount of fund was received from a multilateral donor agency, officials said.

The International Monetary Fund (IMF) has released funds worth $732 million to Bangladesh to address the COVID-19 Pandemic.

The forex reserves stood at $34.23 billion on Thursday from $33.47 billion of the previous working day, according to the Bangladesh Bank (BB)’s latest statistics. The previous highest reserves amounting to $33.68 billion were recorded on September 05, 2017.

"Our forex reserves crossed $34 billion on the day setting a new record in the history of Bangladesh after receiving the fund from the IMF,” a BB senior official explained.

The IMF provided the fund as emergency assistance for Bangladesh under the Rapid Credit Facility and the Rapid Financing Instrument to address the urgent balance-of-payments and fiscal needs.


https://thefinancialexpress.com.bd/...34-billion-mark-for-the-first-time-1591255327

 

[Destranator]

Remittances spur Bangladesh forex reserves to record $34.23bn amid pandemic

Bangladesh Bank’s foreign currency reserves have crossed $34 billion for the first time thanks to surging remittance despite the coronavirus pandemic that is ravaging economies.
Emergency funds of $732 million from the International Monetary Fund also drove the reserves, Finance Minister AHM Mustafa Kamal told bdnews24.com on Wednesday.

“The good news has given us courage to fight COVID-19,” he said.

The foreign exchange reserves reached record $34.23 billion on Wednesday. Officials said it was equal to import bills of eight months.

Reserves hit the previous high of $33.68 billion on Sept 5, 2017. It has since hovered above $31.5 billion and reached $33.46 billion on Tuesday.

The expatriate Bangladeshis remitted as much as $135 million on the first two days of June after sending more than $1.5 billion in May. The IMF money was deposited on Wednesday.

Exports and imports have both dipped. In April, Bangladesh’s export earnings dropped below the remittances received for the first time in its history.

The government has been giving 2 percent incentive on remittance this fiscal year. It has also relaxed some rules after the virus crisis set in.

The incentives led to a spike in remittance but inflow began to drop in March as hundreds of thousands of expatriates returned home due to the coronavirus pandemic, which has also left a vast number of the world population jobless.

Still, they sent $1.08 billion in April.

Economists warned the amount will shrink further. The expatriates were possibly sending the money from their savings or loans, researcher Ahsan H Mansur said.

Many of the Western and Middle Eastern countries, however, have begun reopening their economies after several months of lockdowns.


https://bdnews24.com/economy/2020/0...-forex-reserves-to-record-34.23-amid-pandemic

 

[FOOLS_NIGHTMARE]

Although we dont like your current Govt because of its anti Pakistani and pro Indian stances. I will not hesitate to say they have done wonders for your ECONOMY, from Forex reserves,GDP growth,Exports,Industrial outputs and human resource development. Well done Bangladesh.

 

[GHALIB]

Bangladesh’s forex reserves cross $34 billion mark for the first time

Bangladesh’s foreign exchange reserves have crossed US$34 billion mark for the first time, after a substantial amount of fund was received from a multilateral donor agency, officials said.

The International Monetary Fund (IMF) has released funds worth $732 million to Bangladesh to address the COVID-19 Pandemic.

The forex reserves stood at $34.23 billion on Thursday from $33.47 billion of the previous working day, according to the Bangladesh Bank (BB)’s latest statistics. The previous highest reserves amounting to $33.68 billion were recorded on September 05, 2017.

"Our forex reserves crossed $34 billion on the day setting a new record in the history of Bangladesh after receiving the fund from the IMF,” a BB senior official explained.

The IMF provided the fund as emergency assistance for Bangladesh under the Rapid Credit Facility and the Rapid Financing Instrument to address the urgent balance-of-payments and fiscal needs.


https://thefinancialexpress.com.bd/...34-billion-mark-for-the-first-time-1591255327

well done
long live bangladesh people .

Although we dont like your current Govt because of its anti Pakistani and pro Indian stances. I will not hesitate to say they have done wonders for your ECONOMY, from Forex reserves,GDP growth,Exports,Industrial outputs and human resource development. Well done Bangladesh.

long live indo bangladesh friendship , long live hasina wazed .

 

[FOOLS_NIGHTMARE]

long live indo bangladesh friendship

Beware what you pray for, the SILIGURI corridor is of great interest to the Chinese and Bangladeshis alike. More dividends for Bangladesh if they side with China.

 

[Cliftonite]

The Bengalis have always been more literate and hard working people. Breaking away from West Pakistan really was a good choice. While we continue to sink further thanks to our shitty leaders and feudal grip.

 

[Secular]

Congratulations

 

[FOOLS_NIGHTMARE]

The Bengalis have always been more literate and hard working people.

Maybe, but they were at the same levels as us.

Breaking away from West Pakistan really was a good choice.

Time will tell, nothing is lost yet!

While we continue to sink further thanks to our shitty leaders and feudal grip.

Here you nailed it.

 

[Patriot forever]

The Bengalis have always been more literate and hard working people. Breaking away from West Pakistan really was a good choice. While we continue to sink further thanks to our shitty leaders and feudal grip.

They are taking full advantage of the cheap financing available due to covid. While we here on this forum are cursing the government if it tries to do likewise.

 

[Cliftonite]

They are taking full advantage of the cheap financing available due to covid. While we here on this forum are cursing the government if it tries to do likewise.

I wonder how better off Pakistan would have been if Mujib would have become the prime minister. We would not have had the curse of Bhutto for years to come.

Maybe, but they were at the same levels as us.

Time will tell, nothing is lost yet!

Here you nailed it.

Time will tell nahi. Time has already told. They are better off than us, they don't have any ethnic or sectarian insurgencies, their literacy rate is higher, their population growth is slower. Pakistan is sinking and will keep sinking. Any voices that could save Pakistan have been drowned and suppressed.

 

[Pakistani Fighter]

I wonder how better off Pakistan would have been if Mujib would have become the prime minister. We would not have had the curse of Bhutto for years to come.




Time will tell nahi. Time has already told. They are better off than us, they don't have any ethnic or sectarian insurgencies, their literacy rate is higher, their population growth is slower. Pakistan is sinking and will keep sinking. Any voices that could save Pakistan have been drowned and suppressed.

Bangladesh is needed to be taken back by us

 

[FOOLS_NIGHTMARE]

I wonder how better off Pakistan would have been if Mujib would have become the prime minister.

Mujib was a staunch supporter of Pakistan and Quaid e Azam. He supported Fatima Jinnah in the presidential race against Ayub. Later on when she was defeated by massive rigging, labelled as a ghaddar and killed in cold blood he began to have second thoughts about the Pakistan as a viable State(Thanks to the Establishment).

 

[GHALIB]

They are taking full advantage of the cheap financing available due to covid. While we here on this forum are cursing the government if it tries to do likewise.

pakistan should also try to take advantage of available funding .

 

[Patriot forever]

I wonder how better off Pakistan would have been if Mujib would have become the prime minister. We would not have had the curse of Bhutto for years to come.




Time will tell nahi. Time has already told. They are better off than us, they don't have any ethnic or sectarian insurgencies, their literacy rate is higher, their population growth is slower. Pakistan is sinking and will keep sinking. Any voices that could save Pakistan have been drowned and suppressed.

The most sad part of all of it is the silence of all the so called pro democracy flag bearers on the great injustice done to democracy by Bhutto. Shows democracy is just a tool they use to justify their fieldoms and monarchy.

pakistan should also try to take advantage of available funding .

I was just pointing out the hypocrisy of some of my fellow members on this forum due to their political bias.

 

[FOOLS_NIGHTMARE]

Any voices that could save Pakistan have been drowned and suppressed.

10000% agreed.

They are better off than us

Happened in the last two years.

Time has already told

Initially confederation had always been on cards, ordinary Bengali supports Pakistan over India. Interactions in the UK with the Bangladeshi community suggests some great HOPE for the future.