Next budget to have plan on taking loan from forex reserve: Muhith

Staff Correspondent | Published: 23:12, Oct 18,2016

 
 

Finance minister AMA Muhith poses for a photograph with the winners of ‘Bangladesh Bank Remittance Award-2015’ at the Bangla Academy auditorium in Dhaka on Tuesday. — New Age photo

Finance minister AMA Muhith on Tuesday said that the government would announce a plan in the fiscal budget for 2017-18 on how to invest the country’s foreign exchange reserve in implementing its development projects.
The government will fix the rate of interest to take loan from the foreign exchange reserve in the next fiscal budget, Muhith said at a function on the occasion of ‘Bangladesh Bank Remittance Award-2015’ at the Bangla Academy auditorium in the city.
He said that the non-resident Bangladeshis sent their hard-earned money to their near and dear ones, but the fund contributed significantly to the country’s economy.
‘We are now thinking to take loan from the NRBs to use their hard-earned money accurately. We will take all liabilities of the projects’ failure or success’, he said.
The central bank awarded 31 persons who played significant role in sending remittance and investing in bond in 2015.
Besides, the BB awarded four exchange houses for their positive role in remitting money to the country.
BB governor Fazle kabir urged the NRBs not to send their money through illegal channels like ‘hundi’.
He warned the NRBs that the money, which were sent trough unauthorised channels might be used for terrorist financing, smuggling and illegal drug business.
He urged the NRBs to invest their money in the country’s business sector as it was the right time to do so.
Bank and financial institutions division secretary Md Eunusur Rahman said that a worker usually spent Tk 3 lakh to Tk 5 lakh to go abroad, but they faced huge troubles and hassles.
‘The workers are frequently harassed at the airport to complete their migration. They are deceived by the manpower agents and employers abroad’, he said.
Md Mahatabur Rahman, who achieved award for investing in bond, said that a number of NRBs desired to invest in the country.
The government should take initiative to build a separate economic zone for the NRB investors, he said.
‘The NRBs are now investing their money in euro and dollar bonds which created a difficult situation. The government should introduce a taka bond for the NRBs’, he said.
BB deputy governor SK Sur Chowdhury presided over the meeting while Janata Bank managing director Md Abdus Salam and Standard Chartered Bank chief executive officer for Bangladesh operation Abrar Alam Anwar addressed the function. 

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