Forex reserves stand at $37b, increases 12 times than BNP regime: Hasan Mahmud

Information and Broadcasting Minister Dr Hasan Mahmud today said the foreign exchange reserves of the country have stood at about US$37 billion, increasing 12 times than the BNP regime.

“At the end of BNP’s tenure, foreign exchange reserves were less than US$ 3.5 billion in 2006, which increased 12 times during Prime Minister Sheikh Hasina’s tenure and now stand at around US$37 billion,” he said.

The minister was speaking at DRU Sahitya Award-2022 distribution ceremony as the chief guest at Dhaka Reporters’ Unity (DRU) auditorium in the city’s Segunbagicha area.

DRU President Nazrul Islam Mithu presided over the function while General Secretary Nurul Islam Hasib delivered the welcome address.

Dr Hasan, also ruling Awami League (AL) joint general secretary, said that Bangladesh is now the 31st economy in the world as per the Purchasing Power Parity or PPP.

Almost all countries across the globe are running their states cutting the reserve savings amid the Covid-19 and war situation, he said, adding, “When it is enough for a country to have foreign exchange reserves to cover three months of import expenses, we have the reserves for five months. So, there is no scope to talk about reserve”.

Referring to BNP leaders’ talk about foreign exchange reserves, the minister said Prime Minister Sheikh Hasina has taken the foreign exchange reserves to US$44 billion during the Covid-19 period, which were US$3.45 billion at the end of BNP’s tenure and US$6.1 billion at the end of caretaker government.

“But currently, the foreign exchange reserves have slightly decreased to US$36.8 billion as investment has started and imports have increased following the improvement of the Corona situation,” he added.

“Now that Corona has subsided a little, investment has started, imports have increased, due to which the reserve has decreased slightly to 36.8 billion dollars. However, where the country has enough foreign exchange reserves to meet three months of import expenses, we have five months of reserves,” he added.

Foreign exchange reserves in India, which is the world’s fifth largest economy, are now the lowest in the last two years, Hasan said, adding that Pakistan is cutting foreign reserve.

“Bhutan, which was known to us as a strong economic country having only five lakh population, and even various European countries including the United Kingdom are running their states cutting foreign reserves,” he said.

Noting that the United States that never uses reserve fuel and always uses imported fuel is now using its reserve fuel as the country doesn’t have enough money to buy fuel, the minister said, “These are documents and published everywhere, and you can find the information using internet”.

“So, in this global context, we are better than many other countries under the leadership of Prime Minister Sheikh Hasina,” Hasan said.

About inflation, Information and Broadcasting Minister Dr Hasan Mahmud said: “I came from Turkey the day after yesterday. There, 80 percentage inflation is prevailing while 30% inflation in Pakistan, more than 10% in the United States and about 20% inflation in food in the United Kingdom.”

Such situation did not happen in Bangladesh, he said, adding that rather it (inflation) has increased a little compared to the situation of few months ago.

He urged the media personnel to present current global crisis situation before the people as a vested quarter has been shouting to mislead the people capitalizing on the global crisis.

Under the dynamic leadership of the pro-friendly leader and the incumbent Prime Minister Sheikh Hasina, the country is maintaining massive development spree amid this crisis situation, he added.

The information minister said if any crisis happens across the globe and any disaster takes place in the country, a section of people tries to create panic among commoners.

At the beginning of COVID-19 pandemic, a section of people said that Millions of people will die without foods and dead bodies will be lying on the streets, he said, adding that by grace of Almighty Allah, not a single person died without food in the country.

Again when Corona vaccine was brought from serum institute, BNP leaders spread rumors among the public that this Indian vaccine will not work and urged people not to take that vaccine.

“How can a responsible opposition party say these? I have not seen criticism of it. Later, they (BNP leaders and workers) took the Corona jabs. Of them, some took this vaccine secretly while some openly,” he continued.

When the ruling government started constructing ‘Padma Bridge’, BNP claimed that the bridge was being built with substandard materials and urged all not to ride on it, he said.

Mentioning BNP’s statement “Don’t ride on the bridge’, the minister raised question over their riding on that bridge.

Alongside criticizing the government, activities like irresponsibility of someone, misleading people and rumor-mongering should also be criticized, he mentioned.

Hasan Mahmud went on saying that those journalists who work as the fourth pillar of the state, who work as the mirror of the society and who work to keep the mirror of the society active, need to present these issues before the people of the country.

As journalists are the conscience of the nation, they give correct information to the society and direct the society to the right direction, he said.

The information minister conferred the DRU Literary Award to journalist Rajib Nur in the story-novel category while Hasan Hafiz in the poetry-rhyme category and M Mamun Hossain in the essay and research category.

Besides, a total of 35 journalists-writers received the awards on the occasion.

Meanwhile, a three-member delegation led by United States National Democratic Institute (NDI) for International Affairs’ Asia-Pacific Regional Director Jami Sachs Spykerman met the minister at the latter’s office at the secretariat here today.

During the time, Hasan Mahmud highlighted various aspects of the proper development of democracy in Bangladesh under the leadership of Prime Minister Sheikh Hasina.

The visiting NDI representatives appreciated the overall development of Bangladesh and hoped that the communication between the two countries will increase in the days to come.