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B'desh restricts foreign travel for govt officials
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IANS | 13 May, 2022
Bangladesh has restricted foreign trips of government officials under
operating and development budgets in the context of post-Covid-19
economic recovery and an ongoing global crisis.
The
country's Ministry of Finance Thursday issued a notification saying that
all types of foreign trips, including exposure visits, study tours,
workshops and seminars for all government officials will remain stopped
until further notice in a bid to reduce the pressure on the country's
forex reserve, reports Xinhua news agency.
It said the order will be effective immediately and will be applicable for both development and operational budget.
The
move came a day after the central bank of Bangladesh toughened its
rules for luxury and non-essential imports like sports utility vehicles,
washing machines, air conditioners and refrigerators.
The twin
moves are also expected to reportedly safeguard the Bangladesh foreign
currency reserves, which recently have come down to less than $42
billion, still enough to cover the country's five-month import bills.
For a growing economy like Bangladesh, forex reserves equivalent to six months' import bills are considered adequate.
Bangladesh's
foreign exchange reserves crossed the $48 billion mark in August last
year, the highest ever in the history of the country, due to a slowdown
in imports and rising remittance and export earnings during the
pandemic.
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Customs Exchange Rates |
Currency |
Import |
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US Dollar
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