Bangladesh Bank hopes reserves will reach $21 billion in December
Staff Correspondent
Bangladesh's foreign exchange reserves will increase by $ 1.31 billion in December thanks to foreign loan, according to the Bangladesh Bank (BB).
Mezbaul Haque, executive director and spokesperson of the BB, in a briefing on Wednesday said the reserve is expected to reach $ 21 billion as per the IMF formula in December as Bangladesh received $690 million from IMF, $400 million from the Asian Development Bank, $90 million from South Korea and an additional $130 million from other sources.
As of December 6 this year, Bangladesh's forex reserves stood at $19.13 billion as per the IMF formula.
In this regard, former senior economist of the IMF Ahsan H. Mansur told UNB that in the short run, this loan money will give some relief in foreign exchange supply.
But in the long term, the government has to focus on sustainable policy in foreign exchange earnings through remittances and exports of goods, he said.
He also emphasised flexible exchange rates which will help to prevent money laundering and trade-based capital flight.
