On January 11, Bangladesh Bank Governor Ahsan H. Mansur announced that 80% of the stolen reserve funds have been successfully recovered. Speaking at an event titled “Branding Bangladesh” held at a prominent Dhaka hotel, the Governor shared updates on the country’s economic progress and challenges reportedly.
Highlighting the importance of governance, Governor Mansur stated that the establishment of robust measures has significantly curbed money laundering activities recently. The inflow of remittances has reached an all-time high despite political instability, he remarked, emphasizing the resilience of the nation’s financial infrastructure. Efforts are ongoing to recover the laundered funds, with foreign entities and organizations, including the Federal Bureau of Investigation (FBI), actively cooperating.
Read more: Bangladesh Receives USD 6,573 Million in Remittance for Q1 FY 2024-25
In a notable aspect, Dubai has surpassed Saudi Arabia to become the largest source of remittances to Bangladesh. However, the Governor expressed concern over an emerging trend funds originating from Saudi Arabia are being routed through Dubai before reaching Bangladesh. Certain institutions in Dubai are reportedly exploiting this intermediary role to manipulate exchange rates, an issue that warrants immediate attention.
Following the settlement of Asian Clearing Union (ACU) bills, the country’s gross foreign currency reserves have declined to $24.90 billion. According to BPM-6 accounting standards, this figure stands at $20 billion. Earlier, as of January 8, gross reserves were reported at $26.57 billion, with BPM-6 reserves at $21.67 billion.
The Governor emphasized the importance of safeguarding financial stability and ensuring the effective use of foreign reserves to meet national priorities.
For more updates, be with Markedium.
Leave a comment