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The government will decide on the use of money from foreign reserves in government projects. A final decision on the issue will be made before the next budget, Finance Minister Aham Mustafa Kamal said.
He was answering a question from reporters after attending a zoom meeting from Singapore at a public procurement meeting on Thursday.
“Our reserves will soon exceed 50 billion rupees,” he said. You get a profit of one or two percent investing outside the country. That is why the Prime Minister is thinking of using foreign exchange in government projects. Hopefully you will make a decision before the next budget.
A statement from the Ministry of Finance said that despite the coronavirus outbreak around the world, remittances sent by expatriates amounted to US $ 1,034 million on December 14 alone. At this point in the last fiscal year, that was $ 69 million. In the five months from July to November, remittances totaled 10.90 billion. From July 1 to December 15 of the 2020-21 fiscal year, about $ 12 billion in remittances arrived in the country. As the upward trend in expatriate income continues, various initiatives, including a two percent timely cash incentive from the government, have a significant impact.
The highest foreign exchange reserves in the history of Bangladesh have risen to US $ 42.09 billion. In the last year, reserves have increased by more than a trillion dollars. As of December 15 of last year, the reserves were দশ 32.11 billion. On October 29, it exceeded £ 41 billion for the first time. In just a month and a half, it has risen to a record £ 42.09 billion. The inflow of remittances has played an important role in the significant increase in reserves, the statement said.
