Prime Minister Sheikh Hasina today (October 27, 2022) said no one can chew up forex reserve.

“Many may wonder where the forex reserve money went. Money from forex reserve went to Payra Port, procuring food for the people, fertiliser, meeting the daily needs of people… No one can chew up that money. That is (forex reserve) for the people. We are using that for import and other necessary purposes,” she said.

Sheikh Hasina said this while inaugurating some development projects, including capital dredging at Payra Port, aiming to equip it with better facilities for smooth operations.

Read: What are the 3 reasons behind Bangladesh’s falling forex reserves?

The Prime Minister virtually inaugurated the development projects from her official residence Ganabhaban. 

Other inaugurated projects included eight ships and vessels, the first terminal, construction of a six-lane approach road and a bridge at Payra Port.

The PM said that for the first time, money from Bangladesh Infrastructure Development Fund is being used. It is being used for capital dredging of Payra Port.

Read: IMF loan would help economy gain stability in reserves, dollar market: Experts

“We have provided loan, with minimum interest rate, to the port. With one percent service charge, they will have to give only two percent interest rate,” she said.

The Prime Minister also stressed that the country’s money will remain in Bangladesh. She said that Bangladesh’s forex reserve can be used for infrastructure development. In this connection, she mentioned the hassles Bangladesh has to deal with when taking foreign funds.

“Considering that, we have created a fund – Bangladesh Infrastructure Development Fund. We have created this fund using our forex reserve money. Using that fund, we are starting the dredging of Payra Port,” she said.

Read Payra Port has so far earned revenues worth over Tk 600cr: PM Hasina

Bangladesh’s forex reserves stood at USD 35.98 billion as of October 19, 2022, according to data from Bangladesh Bank. Forex reserves were USD 46.19 billion a year ago (October 19, 2021).