Former Chief Economist of the World Bank's Dhaka office Zahid Hussain said on Wednesday (October 04, 2023) that the actual calculation of foreign exchange entering into the country and leaving does not match.He said that the reserves are decreasing due to a deficit in the balance of payments or transaction balance. The net reserves of foreign exchange as per BPM-6 is below $18 billion.Zahid gave this information while speaking at the annual conference of the International Business Forum of Bangladesh (IBFB) held in a city hotel on Wednesday. Indian High Commissioner to Dhaka, Pranay K. Verma, was the chief guest at the event. Read: IMF reviewing reserves, macroeconomic condition ahead of next fund releaseHe pointed out that one of the reasons for the overall macroeconomic instability of the country is external. The major aspect of this external factor is the price of the dollar.The exchange rate of the US dollar was remained below Tk100 in 2021. But in September 2022 it went above Tk100. It is still above Tk110 even though it has decreased a bit now.Zahid complained that the account of how much foreign currency is entering the country and how much currency is going outside does not match with the reserve. Read: Why Bangladesh’s forex reserves dipped to $21.15 billion? Economists cite reasonsHe said that usually this calculation is sometimes positive and sometimes negative. But recently it is seen in case of Bangladesh, this account has been negative for quite some time."This means that something is happening beyond our knowledge,” he said.

Humayun Rashid, Managing Director and CEO of Energypac Power Generation Ltd, has been re-elected President of the International Business Forum of Bangladesh (IBFB). The 16th Annual General Meeting (AGM) of the IBFB was held at a city hotel on Tuesday. MS Siddiqui, CEO of Bangla Chemical and Lutfunnisa Saudia Khan, Director of Banglaphone have been re-elected as the Vice President and Vice President (Finance) of IBFB respectively. In addition, Kbd. Md. Aminul Islam, Managing Director, Nabil Group, Mohammed Raisul Uddin Saikat, Chairman, Albion Group, SK Md. Waliul Islam, Managing Director, Roots Sourcing International Ltd., Iqbalur Rahman, Proprietor, Multi Trade International, Mohammad Ali Deen, Chairman, M/S Deen Impex, Syed Mustafizur Rahman, Managing Director, Novo Cargo Services Ltd have been elected as Directors for the first time in the Board of Directors of IBFB. Read: Special economic zone not enough to attract best investors: US Envoy Vice President (Finance) Lutfunnisa Saudia Khan and President, IBFB Chittagong Chapter SM Abu Tayyab were present in the inaugural session of the AGM. IBFB Vice President MS Siddiqui and IBFB founding President Mahmudul Islam Chowdhury also spoke in the session. Ambassador of the United States of America (USA) Peter D Haas and Ambassador and Head of Delegation, European Union to Bangladesh Charles Whiteley were present as the chief guest and special guest respectively  in the inaugural session of the AGM.

US Ambassador to Bangladesh Peter Haas has said a smart company considering doing business overseas will certainly want “certainty and security” as political violence and electoral instability “scare” them. He said a smart company considering doing business overseas also wants to see certain things, including a developed transportation system, consistent access to power and water, and a well-trained workforce and Bangladesh has made great strides in filling these needs. The US envoy said the international companies and investors must become more aware of the opportunities Bangladesh presents. Read:South Korean envoy Lee for strengthening infrastructure cooperation with Bangladesh “Bangladesh must be ready to welcome American businesses,” ambassador Haas said while speaking at a programme hosted by International Business Forum of Bangladesh (IBFB) at a city hotel on Tuesday as the chief guest. Founding President of IBFB Mahmudul Islam Chowdhury, Chairman of Policy Research Institute of Bnagladesh Dr Zaidi Sattar, Ambassador and Head of Delegation of the European Union Charles Whiteley, IBFB President Humayun Rashid and its Vice President MS Siddiqui also spoke.  Hailing Bangladesh’s economic progress over the years, ambassador Whiteley said the country needs to work ensuring equal level playing field for both local and overseas investors. Read Policy reforms, strong governance needed for completion of EZs: BEZA chief He said the EU wants to work with Bangladesh for her smooth transition from the LDC. “EU wants to boost commercial ties further as the largest trading partner of Bangladesh.” Ambassador Haas said there are strong reasons to look at Bangladesh for market opportunities and Bangladesh is worthy of their attention. “Even in these challenging times, Bangladesh has a great macroeconomic story to tell. It has been among the fastest growing economies in the world over the past decade,” he added. Read UK to invest 54.5 mn pounds for children in Bangladesh by next 8 years Its GDP grew even during COVID-19 lockdowns, and, according to the Asian Development Bank, the economy is estimated to grow by 6.6 per cent over the next year. The country’s financial leaders have so far managed its debt well and are taking important steps to deal with the inflationary pressures resulting from Russia’s unprovoked invasion of Ukraine. “Yes, times are tough. And as the World Bank recently pointed out, Bangladesh needs additional reforms in order to maintain its economic expansion going forward. But so far, the macroeconomic situation seems manageable,” said the US envoy. Read BGMEA, Eswatini for investment in apparel, textile joint ventures