Bangladesh forex reserves top record $10 billion

[ilovebd]

Thomson Reuters
Bangladesh forex reserves top record $10 billion

11.11.09, 03:51 AM EST

DHAKA, Nov 11 (Reuters) - Bangladesh's foreign exchange reserves reached a record $10 billion, the central bank said on Wednesday, following a steady rise since February on higher inflows of remittances.

The reserves jumped to an all-time high after the country received nearly $650 million in funding from the Asian Development Bank, a senior central bank official said.

A sharp decline in imports amid the global economic slump also helped the reserves to rise, the official said.

Imports for July-September decreased by 19 percent from a year earlier to $5.12 billion, while exports plunged 11 percent to $3.87 billion, shrinking the trade deficit to $1.25 billion from $1.94 billion in the same period of last year.

Officials said strong remittances from more than 6 million Bangladeshis working abroad helped offset the impact of the trade shortfall and kept the overall balance of payments in surplus.

Bangladesh received $3.6 billion in remittances in July-October, 21 percent higher than the previous year.

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[ilovebd]

We have to use this 1,000 Crore Dollar Reserve effectively and intelligently, shouldn't we? We can buy some modern equipment for our armed force.

 

[mltr]

good going....keep it up BD

 

[eastwatch]

Thomson Reuters
Bangladesh forex reserves top record $10 billion

BD started with $34 as its foreign exchange reserve in 1972. It is $10 billion today. So far so good. But, a continuous upward trend will force the Bangladesh Bank to revalue BD currency. This will eat away our export competitiveness in the world market.

 

[Stumper]

BD started with $34 as its foreign exchange reserve in 1972. It is $10 billion today. So far so good. But, a continuous upward trend will force the Bangladesh Bank to revalue BD currency. This will eat away our export competitiveness in the world market.

Its definitely good show. Your gold reserves are lagging big time though.

 

[KillBill]

BD started with $34 as its foreign exchange reserve in 1972. It is $10 billion today. So far so good. But, a continuous upward trend will force the Bangladesh Bank to revalue BD currency. This will eat away our export competitiveness in the world market.

Did you say 34 Dollars as foreign reserve? :O I blow away more than that in a single sitting in a PUB

Really cant believe its 10 Billion from 34 that day. Good show and keep it up. Use the same judiciously for the development of infrastructure of BD. Best of Luck

 

[KillBill]

Quick googling showed that Its even more than that of Pakistan's.

Pakistan – Foreign Reserves

 

[Kaali]

There has been tough times for Bangladesh lately. But I think Bangladesh has the capacity to work really hard. I have personally seen Bangladeshis here in Delhi working real hard......

But the point is how they are going to curb down the extremism and to take care of the minorities.

Do they intend to end up like states as that of middle east or like turkey? No offense intended for me Turkey is idol state and I should say can serve as role model for the Islamic states for the way they have developed society.

 

[zagahaga]

We have to use this 1,000 Crore Dollar Reserve effectively and intelligently, shouldn't we? We can buy some modern equipment for our armed force.

oh god why would you even say that? spend it on the economy for god sakes !!!!! then when you got the revenu you can spen 100 bil on the military

 

[idune]

oh god why would you even say that? spend it on the economy for god sakes !!!!! then when you got the revenu you can spen 100 bil on the military

Exactly. This 10 Billion reserve has been expected for months but current awami govt has no clue how to utilize the reserve for the development.

Instead awami govt increased percentage of loan from WB/IMF/ADB in the budget and seeking more fund in the name of climate change. Awami PM and her offshore accounts are getting filled from loan money.

 

[Stumper]

There has been tough times for Bangladesh lately. But I think Bangladesh has the capacity to work really hard. I have personally seen Bangladeshis here in Delhi working real hard......

But the point is how they are going to curb down the extremism and to take care of the minorities.

Do they intend to end up like states as that of middle east or like turkey? No offense intended for me Turkey is idol state and I should say can serve as role model for the Islamic states for the way they have developed society.

Seriously, do you even THINK before you tap? or is your sole purpose to Flame? ...Contribute to the topic at hand, if you can.

 

[idune]

But the point is how they are going to curb down the extremism and to take care of the minorities.

Compare to the hindu extremism you brought in Bangladeshis are doing far better. You may want to take your flame baiting elsewhere.

 

[Stumper]

but current awami govt has no clue how to utilize the reserve for the development.

Sir, with your acumen on reserve fund's and its usage, i really hope, you, someday, shall be worthy successor to Dr.Atiur Rahman. God bless Bangladesh.

 

[leonblack08]

oh god why would you even say that? spend it on the economy for god sakes !!!!! then when you got the revenu you can spen 100 bil on the military

I agree with you x 100 times


The worrying matter is that,currently we are having bad time with investment.Too much idle money on banks.

 

[TopCat]

The reserve is due to current account surplus which is more than 2 billion dollar this year. BD is the only country in south asia who posted surplus for the last few years.
@Idune, ofcourse we had few loans from WB, ADB but the money you see in Banks is our hard earned money. These are not stacked by loans, grants or FDI. Its our money.