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Reserves being spent with caution: Salehuddin PDF Print E-mail
Wednesday, 02 April 2008

Staff Correspondent

BB Governor Dr. Salehuddin AhmedThe central bank has released part of foreign exchange reserves for "cautious" spending to pay import bills, said its governor Salehuddin Ahmed Tuesday.

"The reserves are being used with caution to meet the import bills of food, fertiliser, capital machinery and power pumps," the Bangladesh Bank chief told reporters after a meeting with the chief executives of non-banking financial institutions at the central bank headquarters in Motijheel.

On why the government decided to take loans from Standard Chartered and the International Monetary Fund despite having about $5.5 billion in reserves, the governor said: "The reserves will be required in future."

Salehuddin said the Bangladesh Petroleum Corporation had earlier been given $300 million in funds for oil imports.

On the hard-term loans to be taken from Standard Chartered, he said the government is taking the loans for BPC to finance oil imports.

On a plan to take a $220 million loan from IMF, the governor said the government decided to take the money to maintain the balance of payments.

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