Dhaka, Bangladesh (BBN)- Bangladesh’s overall imports particularly for industrial sector are expected to rise significantly in the near future following implementation of different infrastructure projects including the Padma Bridge.
“The central bank expects that the overall imports, particularly for industrial sector, will increase in the coming months following implementation of different infrastructure development projects across the country,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said the central bank has already taken preparations to face such import payment pressures.
Bangladesh will be able to settle seven months' import bills with the existing foreign exchange (forex) reserve, according to the BB officials.
The forex reserve rose to $21.07 billion on Tuesday last, setting a new record, from $21.03 billion of the previous working day, according to the central bank statistics.
“Our reserve has increased gradually in the recent months due mainly to higher growth of export earnings, rising trend of inward remittances and efficient fund management by the BB,” the central banker explained.
He also said the private sector, particularly corporate entities, are allowed to borrow from overseas sources aiming to ease the pressures on forex reserve in Bangladesh.
The government signed a deal with a Chinese firm Tuesday for the construction of the main part of the Padma Bridge.
Mobilisation of engineering equipment and materials for of the Padma Bridge construction is set to start within a couple of months after completing official formalities, according to the officials.
Besides, the government singed an agreement with the Japan International Cooperation Agency (JICA) Monday for US$ 1.18 billion loan package for five projects.
As per the agreement, the projects will be implemented in power, energy, city governance, flood management and agriculture productivity sectors.
BBN/SSR/AD-20June14-2:14 pm (BST)
