Forex reserves reach record $38.15bn

[bluesky]

Does Bangladesh count the regular incoming remittances from expatriots as foreign reserves?

I think the GoB counts the remittance money as foreign currency reserves.

 

[Destranator]

Does Bangladesh count the regular incoming remittances from expatriots as foreign reserves?

The forex reserve is built up/depleted by positive/negative Balance of Payments (BoP).

Remittance is one of the many factors that affect the BoP and consequently the forex reserve.

https://www.bb.org.bd/econdata/bop.php

 

[Destranator]

I think the GoB counts the remittance money as foreign currency reserves.

See above.

 

[Destranator]

That’s good to hear... then I reckon the govt profits from this 38 billion... why even have taxes then? Atleast not the high rate they demand nowadays

Lol..the profits generated by BB are miniscule. Mind you BB is a standalone statutory authority responsible for monetary policy. They do not collect revenue for the government.

As for taxes, BD govt hardly collects anything as % of GDP because we are chor er jaat dodging taxes at every opportunity.

 

[Michael Corleone]

Lol..the profits generated by BB are miniscule. Mind you BB is a standalone statutory authority responsible for monetary policy. They do not collect revenue for the government.

As for taxes, BD govt hardly collects anything as % of GDP because we are chor er jaat dodging taxes at every opportunity.

With cut throat rates what do you expect. And what’s been submitted in tax are surely underreported by govt officials.

 

[Dark1]

Forget this over emphasis on foreign exchange reserves. You need just 8 months reserves, rest are a waste financially. BD has enough reserves.
Trick is to make your country attractive to the investor for manufacturing, and generate jobs. Thats the only way to improve the quality of life of citizens. Paying jobs.
Your government has managed to create a stable environment for business. Just build on it.

 

[Destranator]

With cut throat rates what do you expect. And what’s been submitted in tax are surely underreported by govt officials.

Which rates are you referring to? Among direct taxes, only the corporate tax rate is high. Individual income tax rates are very low compared to any developed country (barring oil rich stone age creeks).

Bangladeshi people are morally bankrupt. There is no getting around it.

 

[Destranator]

Forget this over emphasis on foreign exchange reserves. You need just 8 months reserves, rest are a waste financially. BD has enough reserves.
Trick is to make your country attractive to the investor for manufacturing, and generate jobs. Thats the only way to improve the quality of life of citizens. Paying jobs.
Your government has managed to create a stable environment for business. Just build on it.

 

[Capt. Karnage]

Congratulations BD, but I think we must focus more on per capita income and GDP.

 

[Dark1]

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8 months is just a rule of thumb. 6 months is also adequate. BD has good credit worthiness and can easily get support as required, without exploitative terms.
India for eg has nearly 540 b usd reserves, 30 b usd up in a week, but are they directly impacting a average Indians life ? No.

 

[Michael Corleone]

Which rates are you referring to? Among direct taxes, only the corporate tax rate is high. Individual income tax rates are very low compared to any developed country (barring oil rich stone age creeks).

Bangladeshi people are morally bankrupt. There is no getting around it.

You’re not taking into account tax introduced on govt bond income, tax on rental property that people depend on or tax for vehicle purchase that ministers are except from

 

[Destranator]

You’re not taking into account tax introduced on govt bond income, tax on rental property that people depend on or tax for vehicle purchase that ministers are except from

Again, except for import duty on cars, all the other indirect taxes you have listed are charged at rates similar or lower to those of other non-natural resource exporting developed or near developed countries.

Just compare our tax to GDP ratio with any developed country. Lack of revenue is holding development back in many sectors including infrastructure and the military.

https://tbsnews.net/thoughts/spectre-low-tax-gdp-ratio-haunting-our-economy-63667
https://thefinancialexpress.com.bd/views/lower-tax-gdp-ratio-critical-issues-1566832336
https://www.thedailystar.net/business/news/why-tax-gdp-ratio-so-low-bangladesh-1867315

 

[DalalErMaNodi]

Again, except for import duty on cars, all the other indirect taxes you have listed are charged at rates similar or lower to those of other non-natural resource exporting developed or near developed countries.

Just compare our tax to GDP ratio with any developed country. Lack of revenue is holding development back in many sectors including infrastructure and the military.

Nobody pays income tax in Bangladesh.

Stupid populace.

 

[Destranator]

Nobody pays income tax in Bangladesh.

Stupid populace.

As I say/suggest, the buck stops with us. The politicians have not descended from the sky; They are our own friends and relatives.

 

[VikingRaider]

This is a result of making good relations with India. Congrats.

How ? Care to explain?