Forex Reserves to Reach $50 Billion by Dec 2021

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 the Cabinet Committee on Public Purchase on Wednesday.

He said the volume of foreign exchange reserves 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 the 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 make decisions 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.