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25 May 2024

BNP’s Nazrul raises alarm over dwindling reserves

Messenger Online

Published: 19:16, 15 May 2024

Update: 19:16, 15 May 2024

BNP’s Nazrul raises alarm over dwindling reserves

Photo: Collected 

BNP senior leader Nazrul Islam Khan voiced profound concerns over dwindling foreign currency reserves, stating that the nation is grappling with a severe crisis exacerbated by the misdeeds of the government.

“Our reserves are declining without any sign of an increase. Attempts are being made to boost them by taking loans... they're hoping that the reserves will increase somewhat after receiving the next instalment from the IMF,” he said.

Speaking at a discussion meeting, the BNP leader questioned the government's strategy of borrowing money from foreign lenders to increase reserves and expressed worries about the declining remittances and export earnings. “In such a situation, where is the scope to increase reserves?”

Citing a report from the Reserve Bank of India, Nazrul said the remittance volume sent by the Indian workers from Bangladesh alone exceeds the total amount sent by Bangladeshi expatriates from many countries.

“We need to consider whether there is any way to halt the outflow of such a significant amount of foreign currency. Again, we are losing much more money than earning by sending two lakh workers abroad due to the outflow of foreign currencies. Is there any effort to prevent this?” he said.

Nazrul, a member of the BNP standing committee, suggested that if Bangladesh can involve its citizens in the tasks currently undertaken by Indian nationals, it could potentially stem the outflow of significant foreign currency.

He, however, said the Awami League government has no interest in taking such an initiative.

Bangladesh Labour Party arranged the meeting at the Jatiya Press Club, marking the 28th death anniversary of its founder Maulana Abdul Matin.

Nazrul said their party is disappointed about the deteriorating economic situation in the country. "The country is going through a deep crisis. From any perspective, we do not see any indicator of hope. This Dhaka city is one of the most polluted cities in the world with pervasive air pollution....almost everything happening here is poisonous and detrimental. Banks are looted here, but no one faces trial.”

He also said the ruling party leaders are amassing huge wealth both at home and abroad by indulging in plundering and corruption as the government has no accountability to people.

Nazrul said the common people of the country are facing serious ordeals due to soaring prices of essential commodities amid a decrease in their main incomes. "This situation is unacceptable. A vast number of people in the country are hoping for a change in the government through democratic and peaceful processes.”