THE FOREIGN exchange reserve of the country has swelled and touched US$33 billion for the first time. The expatriate Bangladeshis working abroad remitted more money on the occasion of Eid-ul-Fitr and enriched our foreign exchange reserve to a record level. Price of oil and food items dropped in the international market and so our import expenditures were significantly lowered.
Last month the country received US$1,270 million as remittances from Bangladeshis working abroad and this month it is expected to exceed US$1500 million mark. Growth in foreign remittances is positively a healthy sign of growth, but at the moment we need to attract foreign direct investment in order to facilitate quicker development. Indeed, we need to attract more local and foreign investment, bring political stability, ensure accountability and transparency, and establish the rule of law in the country. It is good to see that Bangladesh is gaining in economic strength and I am sure soon we shall be able to see an annual budget without any dependence on foreign loan.