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The Financial Express

Forex reserves to reach $50b next year, finance minister says

| Updated: November 05, 2020 09:47:24


Lankabangla and Fianancial Express Lankabangla and Fianancial Express
Forex reserves to reach $50b next year, finance minister says

Finance Minister AHM Mustafa Kamal has hoped that the country’s foreign currency reserves will reach $50 billion by December 2021. 

“Hopefully our foreign currency reserves will reach $50 billion within the next 14 months”, he told reporters while briefing on the outcomes of the meeting of Cabinet Committee on Public Purchase on Wednesday, reports UNB. 

He said the volume of foreign exchange reserve will continue to grow. 

Responding to questions, he said the money from the forex reserves could be invested in good projects which would be sponsored by the government. 

“In such case, instead of going out, our money will remain within the country,” he added. 

He said the demand for money has substantially declined globally after the outbreak of Coronavirus pandemic. “So, keeping the forex reserves in any foreign banks is not profitable now. “  

About a private firm’s proposal to lend it from forex reserves, he said Prime Minister Sheikh Hasina is the absolute authority to take decision in this regard. 

He said the mechanism applied in foreign reserve management is her brain-child. 

“As a result, the reserves jumped from $31 billion to $36 billion, then to $39 billion and now it has reached $41 billion,” said the Finance Minister.

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