Foreign exchange reserves increased massively during Corona. The increased reserves were then invested in various sectors. After that, the reserve began to fall. As a result, Bangladesh Bank has decided not to invest any more reserves.
Bangladesh Bank Governor Abdur Rauf Talukder gave such an indication in a meeting with the leaders of the Economic Reporters Forum (ERF) on Monday (November 6).
The governor said, from now on, no more dollars will be invested inside the country to reduce the pressure on the reserves. Sectors in which reserves are invested will also be curtailed. Meanwhile, the Export Development Fund (EDF) of 7.5 billion has been increased to 3.5 billion. Efforts are being made to recover the debt of Payra Port. New dollars will arrive in the next two months. Then the reserve will increase. Therefore there is nothing to worry about the reserves of the country.
He said, we have nothing to fear. We are currently at the bottom. And there is no way down. We can see the light at the end of the tunnel. We will turn around in the current financial year. Inflation will be 8 percent in December. Which is set to be reduced to 6 and a half percent next June.
Bangladesh Bank Executive Director and Spokesperson Mejbaul Haque said that from now on, dollars will not be invested inside the country to reduce the pressure on the reserves. Sectors in which reserves are invested will also be curtailed. Such a decision has been taken. It is said in some media that Bangladesh Bank will not sell any more dollars. However, Bangladesh Bank has not taken any decision not to sell dollars from the reserve.
In the meeting, the secretary of the Finance Department of the Ministry of Finance. Khairuzzaman Majumdar, Financial Institutions Department Secretary Mohammad Salimullah, Deputy Governors and ERF President and General Secretary along with senior journalists of various media were present.