Bangladesh has no shortage of dollars, says Momen

Foreign Minister AK Abdul Momen on Tuesday said that Bangladesh has no shortage of US dollars and mentioned that the government is broadening its network of sources for energy supply through successful discussions with a number of friendly countries.

“We had limited sources before. Now, we have widened the sources of the network. We have made it very successfully,” he told reporters after attending a prize-giving ceremony at BUET playground.

Momen said the energy crisis is now a global crisis as there is a disruption in the supply chain and financial transactions due to the war in Ukraine.

He mentioned his successful discussion with the ministers of Qatar and the United Arab Emirates (UAE) where there is plenty of oil stock.

Momen said that countries like Brunei, Malaysia and Indonesia are also willing to supply energy to Bangladesh.

“Even, China is willing to supply energy if Bangladesh faces a crisis. You see more nations are coming,” he said.

Momen said Bangladesh will soon manage the situation and there will be an availability of energy. “We will do whatever is needed for the welfare of the country.”

Responding to a question, the foreign minister said there is no dollar crisis in the country.

After paying $1.35 billion to Asian Clearing Union (ACU) as an import bill for September-October and $131 million spent to meet LC liabilities, the forex reserve stood at $34.3 billion at the end of November 7.

Momen said the forex reserves fluctuated from US$ 3 billion to $3.5 billion during the period of 2001-2006.

“There is no shortage of foreign currency. It’s plenty of money for a few months of import,” said the foreign minister.

Momen said there is no reason to stop the issuance of LC (letter of credit), rather the government is taking action to check over-invoicing. “This is good. They should examine or reexamine all the documents. This is not bad at all.”