forex reserve cross 15 billion wasnt expecting that fast tho

[jahidus2005]

damn despite political collapse bangladesh economy still booming alhamdulliah , atleast at this bad time in bangladesh this was a good news Forex reserves top $15b - bdnews24.com

 

[Luftwaffe]

damn despite political collapse bangladesh economy still booming alhamdulliah , atleast at this bad time in bangladesh this was a good news Forex reserves top $15b - bdnews24.com

Congratulations, with a better political party in power in the Future; BD economy could be more bullish.

 

[third eye]

The Govt in BD must be doing something right.

 

[Flynn Swagmire]

That is a very good news in our bad time.

But how our forex reserve rising? Our current position is not friendly to that!

 

[scholseys]

of course it will rise, business is not growing.

 

[Cyberian]

Good news for Bangladesh.

Bangladesh has a good reputation abroad (even in Pakistan).

 

[eastwatch]

Good news for Bangladesh.

Bangladesh has a good reputation abroad (even in Pakistan).

With all the negativism of the ruling AL our export is increasing by more than 10% in this fiscal year that will end in June, 2013. See the link below:

Export growth 10.14pc in 10 months - bdnews24.com

 

[Cyberian]

With all the negativism of the ruling AL our export is increasing by more than 10% in this fiscal year that will end in June, 2013. See the link below:

Export growth 10.14pc in 10 months - bdnews24.com

Even better news for Bangladesh.

Bangladesh's exports are now almost equivalent to Pakistan's.

 

[eastwatch]

Even better news for Bangladesh.

Bangladesh's exports are now almost equivalent to Pakistan's.

Last year the export earning was somewhere near US$24.0 billion. This year, even with the present weak rate of expansion, it will be above US$26.0 billion. In average, export is about US$2.15 billion per month this year. Not bad for a country whose entire yearly export earning was a paltry US$1.0 billion or less.

Pakistan's total export revenues is about US$25.0 billion. Below is a report that says Pakistani export to Bangladesh has crossed US$1.0 billion. I must say there is a very good market for Pakistani goods here. Unfortunately, BD-Pakistan trade has not reached its potential.

http://www.saglobalaffairs.com/back-issues/1039-pakistan-tapping-new-export-markets.html

 

[p3avi8tor69]

Bangladesh is on its way to becoming the textile king. Five more years and that Forex will be in the 40's

 

[idune]

damn despite political collapse bangladesh economy still booming alhamdulliah , atleast at this bad time in bangladesh this was a good news Forex reserves top $15b - bdnews24.com

This is how Awami League fool people - buy dollar from market and artificially jack up reserve position so that few Awami fans can run their propaganda campaign.

Forex reserve crosses $15b mark on BB dollar buying spree
Staff Correspondent

The country’s foreign exchange reserve on Tuesday crossed the $15-billion mark for the first time due mainly to the Bangladesh Bank’s dollar buying spree, slump in imports in the first nine months of this financial year and increased inflow of remittance, said official of the central bank.
A BB official said that the foreign exchange reserve had stood at $15.069 billion on Tuesday from $14.936 billion on Monday.
The BB purchased dollars worth more than $4 billion from the commercial banks in this financial year with a view to stopping devaluation of the greenback against the local currency taka which played a significant role in crossing the $15-billion mark of the foreign exchange reserve, he said.

Full Report:
Forex reserve crosses $15b mark on BB dollar buying spree

 

[eastwatch]

This is how Awami League fool people - buy dollar from market and artificially jack up reserve position so that few Awami fans can run their propaganda campaign.

Learn a few basics of Primary School level economy before you again try to fool us. Do you think by sending wrong reason for accumulating foreign currency reserves you can fool us, specially the Indians and Pakistanis who are well-educated? You only bring shame on all of us Bangladeshis. Indians and Pakistanis may think we all are similarly half-educated like you.

Do you think Commercial Banks have any right to hoard dollars or do they have any benefit by doing so? They need Taka and not Dollar. So, it is very natural that BB buys dollars that have been remitted by the expatriates to the accounts of their family members with the commercial Banks. What these Banks will do with their hoards of dollars other than converting to BDT?

 

[idune]

Learn a few basics of Primary School level economy before you again try to fool us. Do you think by sending wrong reason for accumulating foreign currency reserves you can fool us, specially the Indians and Pakistanis who are well-educated? You only bring shame on all of us Bangladeshis. Indians and Pakistanis may think we all are similarly half-educated like you.

Do you think Commercial Banks have any right to hoard dollars or do they have any benefit by doing so? They need Taka and not Dollar. So, it is very natural that BB buys dollars that have been remitted by the expatriates to the accounts of their family members with the commercial Banks. What these Banks will do with their hoards of dollars other than converting to BDT?

Thread was to glaot about economic boom on forex reserve positon and news I posted shown reserve position of more than $ 4 billion is artificial one created by purchasing dollars from market instead of actual earning.

Purpose of purchasing dollars is irrelevant and different reason for on going gloating. Besides, instead of increasing manpower export,

Awami eague purchsing dollar ---> artificially jacking up dollar value ----> attracting more remittance; this is NOT a growth or sustainablity by any means.
Sustainable and sound economic achievement should be increasing manpower export ---> increase remittance.

On growth and sustainablity Awami League failed miserably. And so is your Awami propaganda fiasco; its busted again and you gone crazy on rant rampage. It's a damn shame that you don't have any basic knowledge or logic to argue on behalf of Awami league.

 

[mb444]

BB has been buying dollars primarily for the following two reasons..... The economic growth has slowed and as such imports of capital machinery and luxury goods has fallen. If BB does not buy dollars there would be a collapse in confidence as TK does not free float against USD. Secondly the reason is that many Bangladeshi Banks are potentially in trouble, they are massively leveraged. the government is seeking to reduce their holding in dollars to prevent capital flight in case of collapse. These banks are run by cartel and they will move hard currencies before the collapse and leave BB to deal with the fallout. There can not be a capital light if they only hold TK. BB has introduced new banking laws and buying up dollar complements these measures.

BD economy is growing, it is private sector lead, BAL can hardly take much credit.

expect the reserve to increase more as sovereign bonds are issued.

 

[eastwatch]

I only hope this trend will keep on going and during the next four or five years the foreign currency reserves of BD will be more than $25 billion.

It is not an unattainable dream. KSA, Bahrain and other Arab countries have agreed to hire BD workers again. Our reserves will go up if there are more remittances and more exports. This fiscal year the export is rising by 14%. It means there will be $2 billion more export money.

Import depends upon the demand of fuel, raw materials and factory machines. Govt borrowings have created a dumping effect on the private investments. Muhith is talking about a 14% (correct?) increase in the nation's budgetary outlays. So, obviously there will be more borrowings from the private Banks by the GoB.

However, I think when private industries' spending is low, it is necessary to borrow and spend by the govt on public works projects. This creates job opportunities for people. Although it may cause inflation, but it cannot be avoided in a developing and expanding economy. Less govt spending means less outlays and less works for the people.