Since last year, Bangladesh’s net reserve, which represents readily available cash from gross reserves, is calculated excluding short-term liabilities from gross reserve as per IMF formula based on the BPM6….reports Asian Lite News
The central bank of Bangladesh Tuesday said the country has around 20 billion US dollars in net foreign exchange reserves.
“According to the latest data, foreign exchange reserves amount to 24.3 billion dollars. It is close to 20 billion dollars according to the Balance of Payments and International Investment Position Manual (BPM6) calculation standard of the International Monetary Fund (IMF),” Husne Ara Shikha, Bangladesh Bank spokesperson and Executive Director, said in a statement on Tuesday.
Since last year, Bangladesh’s net reserve, which represents readily available cash from gross reserves, is calculated excluding short-term liabilities from gross reserve as per IMF formula based on the BPM6.
For a growing economy like Bangladesh, forex reserves equivalent to six months’ import bills are considered adequate. With the existing reserves, however, officials said Bangladesh is in a position to pay some four months’ import bills.
Army gets executive magistracy power
Officers of the Bangladesh Army have been granted the power of an executive magistrate in order to improve the country’s law and order.
Bangladesh’s Ministry of Public Administration issued a notification on Tuesday, stating that this provision will take effect immediately and remain in force for the next 60 days.
Explaining further the rationale behind the move, the Bangladeshi interim government’s Law Adviser Asif Nazrul said a number of subversive acts have been reported recently in parts of the country.
Against this backdrop, he said army officers have been given magistracy power, Xinhua news agency reported.
Following nationwide clashes, the then Bangladeshi government had deployed the army and imposed a curfew across the country on the night of July 19.
Subsequently, on August 5, the then Sheikh Hasina government led by her Bangladesh Awami League party was toppled amid domestic violence.
Three days later, on August 8, an interim government was formed under the leadership of Muhammad Yunus.
Despite the formation of the interim government, army personnel remain deployed across the country to firmly tackle anarchic situation.
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