IMF has set six new benchmark conditions for Bangladesh to restore discipline in the money market and boost revenue generation.
The Bangladesh Bank is going to take a raft of policy measures to tackle inflationary pressure, volatility in the foreign exchange market and growing non-performing loans (NPLs) and give a much-needed boost to the forex reserve.
Bangladesh Bank’s income from foreign currency reserves has gone up 108 percent year-on-year to Tk 6,000 crore in fiscal year 2022-23, as per the central bank’s annual report.
With a huge deficit in its financial account balance and foreign exchange reserves depleting, Bangladesh’s main challenge in the coming months will be tackling foreign exchange shocks, said economists yesterday.
The earnings of foreign banks operating in Bangladesh rocketed in 2022 buoyed by their incomes from the dealings of international currencies.
A wide gap in formal and informal exchange rate has been one of the factors behind the sharp fall in the foreign exchange reserves in Bangladesh as it shifts remittances from official channels to unofficial routes and impedes repatriation of export proceeds, said the World Bank.
The government is expecting the shrinking foreign currency reserves will buck the trend and hit $37.7 billion by June thanks to lower imports and budget support from development partners.
Bangladesh economy was all set at the beginning of 2022 to get its growth momentum back after recovering from the prolonged Covid-19 pandemic. But, the start of the Ukraine war in February slowed the country’s joy run significantly, making it an eventful year to remember. Let’s see how 2022 was for Bangladesh.
Restoring equilibrium in both money market and forex market should be the central bank’s singular goal.
IMF has set six new benchmark conditions for Bangladesh to restore discipline in the money market and boost revenue generation.
The Bangladesh Bank is going to take a raft of policy measures to tackle inflationary pressure, volatility in the foreign exchange market and growing non-performing loans (NPLs) and give a much-needed boost to the forex reserve.
Bangladesh Bank’s income from foreign currency reserves has gone up 108 percent year-on-year to Tk 6,000 crore in fiscal year 2022-23, as per the central bank’s annual report.
With a huge deficit in its financial account balance and foreign exchange reserves depleting, Bangladesh’s main challenge in the coming months will be tackling foreign exchange shocks, said economists yesterday.
The earnings of foreign banks operating in Bangladesh rocketed in 2022 buoyed by their incomes from the dealings of international currencies.
A wide gap in formal and informal exchange rate has been one of the factors behind the sharp fall in the foreign exchange reserves in Bangladesh as it shifts remittances from official channels to unofficial routes and impedes repatriation of export proceeds, said the World Bank.
The government is expecting the shrinking foreign currency reserves will buck the trend and hit $37.7 billion by June thanks to lower imports and budget support from development partners.
Bangladesh economy was all set at the beginning of 2022 to get its growth momentum back after recovering from the prolonged Covid-19 pandemic. But, the start of the Ukraine war in February slowed the country’s joy run significantly, making it an eventful year to remember. Let’s see how 2022 was for Bangladesh.
Restoring equilibrium in both money market and forex market should be the central bank’s singular goal.
Ever since Sri Lanka and Pakistan’s economic turmoil, Bangladesh’s foreign exchange reserves has become a part of public discourse. So much so that despite having an official figure from the central bank every week, people are speculating.
