WB first needs to find out about foreign exchange reserves

WB first needs to find out about foreign exchange reserves

The World Financial institution has sought to grasp the present financial scenario in Bangladesh, particularly the state of international change reserves and inflation, earlier than offering $250 million in price range help.

A ten-member delegation from the worldwide lender met yesterday on this regard with Minister of State for Planning Shamsul Alam at his workplace in Dhaka.

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“They particularly needed to know what we take into consideration our international change reserves, whether or not the reserves will improve or lower. Additionally, they wish to know concerning the common state of the macro financial system,” Alam informed media after the assembly.

The delegation additionally needed to know the the explanation why the reserves fall beneath 48 billion {dollars} and the way Bangladesh can improve them, he mentioned.

As well as, they needed to know concerning the present state of inflation and the measures taken to manage it, he mentioned.

Responding to queries, Alam claimed to have mentioned, “We face challenges. However our scenario is healthier than different South Asian nations.”

“Our inflation has not elevated as a lot because it was supposed to extend following the worldwide market,” he mentioned.

The World Financial institution delegation additionally needed to know the the explanation why the reserves fall beneath 48 billion {dollars} and the way Bangladesh can improve them.

“Based on information from the FAO (Meals and Agriculture Group), meals costs have elevated by 50 p.c. And within the case of inflation, the federal government has taken many measures to manage it. We now have diminished a variety of imports,” he added.

“Specifically, our present account deficit and stability of funds deficit led us to depend on reserves,” Alam mentioned.

“However since July our common situation is sweet. As a result of exports have elevated 25.31 p.c within the final two months since July. However, imports have been up 23 p.c,” he mentioned.

The circulation of remittances by means of official channels has additionally elevated, he mentioned, including: “We now have been receiving remittances of $2 billion per thirty days for the final two months. We now have by no means had $2 billion collectively in a single month prior to now.” “.

Alam mentioned the delegation was informed that if this development fee continued, the circulation of remittances would improve by about $25 billion by June 25.

“As exports improve, remittances improve and now we have been in a position to drastically cut back import prices, the overall efficiency of our financial system is now in a relaxed state,” the Minister of State started by telling the delegation.

On the assembly’s dialogue factors, Alam mentioned they’d additionally reported that Bangladesh has already diminished the worth of the native taka a number of occasions to maintain the change fee steady. “Now our financial scenario is steady,” he added.

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