News Desk: It has been decided to provide loans from the foreign exchange reserves. Foreign exchange reserves are now  44 billion or 3 lakh 64 thousand crore. Generally, there is a satisfactory reserve to cover the cost of import for three months. But Bangladesh’s reserves have reached unique heights, which is why reserve money is being invested.

The government took effective steps to accelerate the overall economic growth of the country by investing reserve money in the productive sector. Prime Minister Sheikh Hasina directed the concerned to think about investing money in the reserve. Following this, effective steps were taken to use the reserve money for infrastructure development.

It is learned that it was initially decided to give a loan of Tk 5,417 crore from the reserve money. This loan will be given through Sonali Bank. The Bangladesh Infrastructure Development Fund has been set up for this purpose. The loan for a period of 10 years will be used to develop other infrastructure including dredging of the port. The first development project with reserve money is the Capital and Maintenance Dredging Project of the Rabnabad Channel at Payra Port. The interest rate on this project will be 2 percent. Sonali Bank will pay 1 percent interest to Bangladesh Bank.

Meanwhile, there are plans to lend to the private sector from the surplus of the reserves. The power sector is significant. The issue of lending to other sectors will also be considered in phases. However, the infrastructure sector remains the top priority.

The country’s economists have also hailed the decision to invest in the reserve money. Former Governor of Bangladesh Bank and Bangabandhu Chair of Dhaka University. Atiur Rahman said the government has taken a timely decision considering the situation and necessity. Earlier, reserve money was spent on the Export Development Fund, the Green Transformation Fund and the purchase of Boeing. However, it should be noted that where the investment is being made, the foreign exchange is saved, as well as the foreign exchange income. In other words, in order to make more money than it costs, you have to take care of it.

The former governor said the reserve is a partner in difficult times. So keep in mind the long-term costs. That seems to be useful for the development of the country. He said the reserve was used earlier but now it has been formalized. There is no risk in this loan. Because, the government will give sovereign guarantee. The overall consideration is to invest very wisely from this fund. And no more than one expenditure or investment can be made from this reserve fund. Thanks to the government for taking less than1 billion from the reserve fund.

Incidentally, the amount of reserves has increased more than four times in the last one decade. In 2010, the country’s foreign exchange reserves were about 10 billion. At present, it has risen to বিল 44 billion. This foreign exchange reserve has increased in the past due to the recovery of the export sector and remittances sent by expatriates. As seen by the World Bank, the flow of remittances has increased all over the world. The year 2017 has been a brighter year for remittance flows.