Bangladesh Bank Governor Ahsan H Mansur has said that the country’s foreign exchange reserves have now surpassed $20 billion.
Speaking at the inauguration of an Islami Bank PLC branch in Tangail on Saturday, Dr. Mansur said that the country has received approximately $3 billion remittance over the past five months.
Dr Ahsan H Mansur has said that several banks, which were on the brink of bankruptcy, are now making significant strides in recovery due to strengthened regulatory measures and improved management practices.
“Banks are not private or family entities; they belong to everyone. Depositors are the true owners of banks. Among the 10 banks that were on the brink of bankruptcy, many have managed to bounce back,” said Dr Mansur.
He assured that the banking sector has now stabilised and will not collapse in the future.
The governor stressed the importance of restructuring the banking sector to drive the country’s economic recovery.
He also praised Islami Bank PLC for its strong performance, stating that the bank is on its way to achieving international standards.
Dr Mansur said, “Islami Bank is the leading bank in the country. It holds the trust of millions, and its progress is vital for the nation’s economy. Within the last five months, Islami Bank has substantially improved its position, attracting Tk 7,000 crore in new deposits and maintaining its top position in remittance collection. This bank will not look back.”
Dr. Mansur noted the progress made in overcoming several economic challenges, including the global trade deficit and a decline in reserves.
He said that Bangladesh Bank’s reserves have stopped decreasing since August, and the bank has not sold any dollars since then.
"With good governance in place, illegal money transfers have decreased, and the inflow of remittances has significantly increased," Dr. Mansur said. "We are no longer seeing a decline in reserves, and they are set to continue growing."
