Bangladesh Bank's foreign exchange reserves have been increasing due to the reduction in import costs in recent times. Yesterday, for the first time, the reserves increased to more than three and a half billion dollars.
According to bankers, the demand for foreign exchange has declined at an unusual rate due to the outbreak.
According to Bangladesh Bank, the reserves have also increased due to the foreign loan assistance and grants from donor agencies such as World Bank, IMF and JICA.
Also, it can be said that foreign exchange reserves are rising only because of declining demand. At this time, the payment of foreign liabilities at the private level has been relaxed.
The contribution of the expatriates
in increasing the reserve cannot
Earlier, it was compulsory to pay foreign debts at the private level every month. Now it is being deferred. In other words, six months or in some cases one year is being given to pay foreign debts.
On the other hand, a large amount of foreign liability had to be met in the payment of fuel oil. But the cost of importing fuel oil has also come down as fuel prices have fallen at an unusual rate. At the same time, last year, the growth of remittance has increased by 9 percent in 11 months.
Above all, the earning and foreign remittance that is sent by expatriates is a large earning source of the country. This has accounted to a large amount of increased foreign reserve.
As a result, the contribution of the expatriates in increasing the reserve cannot be overlooked. Extra care should be given by the government to ensure the safety and security of expatriate workers abroad and make certain their rights are met fully.