Though there may be criticism about embezzlement from the central bank, Bangladesh’s foreign currency reserve is sufficient at the moment. Bangladesh has also attained self-sufficiency in the production of fish, vegetables and paddy.
Former governor of Bangladesh Bank, Dr. Atiur Rahman, told Bangla Tribune: “after this government came to power there has been remarkable transformation in overall economy and Bangladesh has fulfilled three pre-conditions to be elevated to developing state status.”
In 2024, the UN will declare Bangladesh as a developing nation and as per HSBC global research’s forecast, based on GDP, Bangladesh will be the 26th biggest economy by 2030.
HSBC research predicts that in the next 12 years, Bangladesh will move forward 16 steps. In 1971, Bangladesh began with zero foreign currency with the reserve going up to $ 33.70 billion.
The reserve has risen six times since 2009, says Bangladesh Bank. In September, 2017, the reserve was $ 33.69 billion.
A report titled ‘Role of Bangladesh Bank in ten years’ states that compared to other South Asian currencies, the Taka is in a relatively stable position. Bangladesh Bank spokesperson Sirajul Islam, told Bangla Tribune: “reserve has risen due to remittance sent by expatriates.”
According to central bank information, globally, Bangladesh is now in fourth place for rice production, third in vegetable production, second in jute and first in raw jute export.
Bangladesh also holds 8th position in potato and guava and 7th in mango production.
As per UN’s Food and Agriculture Organisation, FAO, Bangladesh is third in fish production after China and India.
In 2017-18 fiscal year, Bangladesh exported around 69 thousand tonnes of fish and earned around Tk. 4500 crore.
Expatriate workers are sending $ 13-15 billion every year through banking channels and around Tk. 10 billion is entering the economy through informal channels.