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Just before the 49th anniversary of Bangladesh’s victory, the Bank of Bangladesh announced an increase in the country’s foreign exchange reserves.
At the end of Tuesday, the Bank of Bangladesh’s reserves stood at 4,209 crore (42,090 million), more than at any time in the past.
According to the State Bank of Pakistan, Pakistan’s reserves amounted to £ 20.4 billion on December 4. As such, Bangladesh’s reserves are now more than double those of Pakistan.
Kazi Chaidur Rahman, deputy governor of the central bank, told bdnews24.com:
“The doubling of Pakistan’s reserves this month of victory shows that the Bangladeshi economy has come a long way in 49 years.”
Not only in Pakistan, but also in South Asia, Bangladesh has eight times more reserves than Sri Lanka.
According to the Central Bank of Sri Lanka, the country’s current reserves exceed £ 5 billion.
India has the largest reserves in South Asia. According to the Reserve Bank of India, India’s reserves as of December 12 were £ 579.3 billion.
The government is now showing the reserve as a big announcement of the potential of the Bangladesh economy.
Economist Zayed Bakht also said that record after record in the reserve is giving the government courage to tackle the Kovid-19 epidemic.
Reserves are inflating with the money these expatriate workers send
The huge reserves created from remittances and exports are playing an important role in the implementation of large projects such as the Padma Bridge with their own funds.
Bangladeshi foreign exchange is saved in dollars and used to cover import costs.
By international standards, a country must have at least three months of foreign exchange reserves to cover import costs.
Bangladesh will be able to cover the import costs of approximately 10 and a half months from available reserves at a cost of ৪ 4 billion per month.
Henry Kissinger, the US Secretary of State, described the newly independent country as a “bottomless basket” when Bangladesh’s journey to independence began on December 16, 1971, after defeating Pakistani forces.
And now that ‘bottomless basket’ is ahead of Pakistan on several economic and human development indicators.
But this long road was not easy. Sometimes he stumbled. Bangladesh has had to face problems in meeting import costs.
Bangladesh was forced to postpone the Asian Clearing Union (ACU) import bill for the first time in 2001, saying its image would be tarnished if reserves fell below £ 1 billion.
Reserves will be ৫০ 50 billion next year: Minister of Finance
Reserve: the story of rising from below
From কোটি 12 million
For almost a decade after independence, the central bank had no information on Bangladesh’s foreign exchange reserves.
The first data available is that 40 years ago, in the 1981-82 fiscal year, the reserve was £ 121 million.
Five years later, at the end of the 1986 fiscal year, that reserve increased to £ 615 million. At the end of the 1991-92 financial year, reserves crossed the ‘house’ of ঘর 1 trillion (1 trillion) and amounted to ৬ 1.60 trillion.
At the end of the following fiscal year 1992-93, reserves exceeded £ 2 billion to £ 2.21 billion. It surpassed 3 billion at the end of 1994-95.
At the end of 1995-96, it was down to £ 2.3 billion. In 1997-98, it fell further to £ 1.71 billion.
Then, from 1996-97 to 1999-2000, the reserves ranged from $ 1.5 billion to $ 2 billion.
In fiscal year 2000-01, the reserves were down to close to £ 1 billion. At the end of that fiscal year, the reserves were £ 1.3 billion, but by mid-fiscal year, they were down to £ 1.1 billion. It was then that Akur’s bill was cut in half without paying in full.
Since then, however, the reserves have never approached £ 1 billion. At the end of the 2001-02 fiscal year, the reserves increased to £ 1.58 billion.
At the end of the 2005-06 fiscal year, the reserves exceeded $ 5 billion. Except for ১০ 10 billion in fiscal year 2009-10. In the 2012-13 fiscal year, it exceeded £ 15 billion.
So I didn’t have to look back. This index of the economy is increasing.
On April 10, 2014, the reserves exceeded £ 20 billion. The following year, on January 25, 2015, the reserves fell to £ 25 billion. In June 2017, reserves exceeded 30 billion.
On June 3, for the first time in Bangladesh’s history, reserves fell to 34 billion pounds. In the space of three weeks, on June 24, that reserve increased to more than £ 35 billion.
In less than a week, on June 30, reserves fell to £ 36 billion. A month later, on July 26, the reserves surpassed £ 36 billion.
Three weeks later, on August 18, the reserves fell to £ 36 billion. On September 1, it exceeded £ 39 billion.
October 8 without the 40 billion milestone. Less than three weeks later, on October 29, that reserve rose to £ 41 billion.
According to the central bank, reserves have increased by more than হাজার 1 trillion in the last year.
Lieutenant Governor Chaidur Rahman told bdnews24.com: “Reserves have reached new heights mainly on the basis of remittances sent by expatriates. In addition, the positive trend in export earnings and the increase in foreign credit assistance have contributed to the increase in reserves ”.
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