• Friday, May 29, 2020
  • Last Update : 01:32 am

Muhith: Govt plans to borrow from forex reserve

  • Published at 09:20 pm October 18th, 2016
  • Last updated at 09:38 pm October 18th, 2016
Muhith: Govt plans to borrow from forex reserve
The government plans to borrow from foreign exchange reserve for financing various development projects. Finance Minister AMA Muhith came up with the disclosure while addressing a remittance award ceremony in the capital on Tuesday. “As the size of the foreign exchange reserve is still huge, we should utilise it properly by taking loans for smooth implementation of different projects,” said Muhith. The central bank organised the “Bangladesh Bank Remittance Award-2015” in recognition of expatriates’ contribution to the country's economy. Bangladesh Bank awarded 26 highest remittance senders, 5 bond investors and 4 exchange houses owned by non-resident Bangladeshis. As the chief guest, Finance Minister AMA Muhith handed over the awards to the awardees at the function with Bangladesh Bank Deputy Governor SK Sur Chowdhury in the chair. Bangladesh Bank Governor Fazle Kabir was also present as special guest. Addressing the ceremony, Muhith announced that he would mention his plan of using forex reserve for financing projects in the next budget. [caption id="attachment_22971" align="aligncenter" width="800"]Finance Minister AMA Muhith addresses “Bangladesh Bank Remittance Award-2015” in recognition of expatriates’ contribution to the country's economy in Dhaka on Tuesday, October 18, 2016. Bangladesh bank Governor Fazle Kabir was present at the ceremony Mehedi Hasan/Dhaka Tribune Finance Minister AMA Muhith addresses “Bangladesh Bank Remittance Award-2015” in recognition of expatriates’ contribution to the country's economy in Dhaka on Tuesday, October 18, 2016. Bangladesh bank Governor Fazle Kabir was present at the ceremony Mehedi Hasan/Dhaka Tribune[/caption] He, however, assured the expatriates that their money won’t be at risk as the government would be totally liable in case of any project failure. Earlier, Bangladesh Bank former governor Atiur Rahman had proposed the government on various occasions to invest the growing foreign exchange reserve fund in the construction of Padma bridge. The amount of foreign exchange reserve is $31.16bn as of August, which was around $4bn while the incumbent government took office in 2009. Remittance inflow has led to the increase in foreign reserve. Muhith put emphasis on giving skill development support to promote the remitters. “We put more efforts on skill development programme for the expatriates as most workers going abroad are unskilled,” said the minister. He also claimed that the country's economy is now in a strong foothold as hartals or any kind of strikes called by the opposition political parties are not working. He confidently said: “The growth will be 7.3% certainly in the next fiscal year.” Urging the Bangladeshi expatriates for investing in Bangladesh, Fazle Kabir said: “It is the high time investors thought about investment in Bangladesh.” Most of the highest remittance sender and bond investors were from UAE. Of the awardees, eight from Janata Bank, four from Standard Chartered Bank, three from Sonali Bank, three from HSBC, three from Pubali Bank, two from Bank Asia, two from NRBC and six were selected from Agrani, AB, Trust, BASIC, Mutual Trust, and NRB Bank.
50
50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail