Central Bank chief: Bangladesh economy turns around after slowdown

16:45, January 04, 2010      

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Bangladesh economy has made a turn around after the global recession and it is now in a strong position, said Bangladesh Central Bank chief Atiur Rahman.

Quoting the Bangladesh Bank (BB) governor, leading private news agency UNB reported Monday that the country's economy has fought back well.

Speaking at a program Sunday in Bangladesh's Southeastern port city Chittagong, some 242 km away of capital Dhaka, Rahman said the year 2009 was a bad year for the whole world, but the Bangladesh economy did not bog down due to the right steps taken by the government and it has become vibrant gradually.

A couple of months back, he said, the amount of idle money in banks was 100 billion taka and now it has come down to 30 billion taka.

He said the call money rate had gone up from 1 percent to 14 percent.

The central bank boss said local investment in October last year was 15 percent higher than in the month of January 2009.

The foreign direct investment, he said, has increased by 17 million in the first three months of the current fiscal year 2009-2010 (July 2009-June 2010), which was 111 million U.S. dollars higher than the last three months of the last fiscal.

Revenue collection has increased by 14 percent in October than that of the previous year, Rahman said adding the remittance inflow has marked a rise by 24.4 percent in the first five months of the current fiscal.

He mentioned that the current foreign exchange reserve is now at the record level of 10.34 billion U.S. dollars.

The Central Bank governor said the monetary policy would be announced after consultation with all stakeholders for a pro-growth economy shortly. (1 U.S. dollar equals to 70 taka)

Source: Xinhua
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