IMF satisfied with recent macroeconomic developments: Bangladesh Bank

The International Monetary Fund (IMF) has expressed satisfaction with the recent macroeconomic developments of Bangladesh in line with the global lender's suggestions. 

"The IMF team has expressed satisfaction. This is true, there are some challenges. But there is time to meet the challenges," said BB spokesperson Mezbaul Haque at a press conference at the central bank headquarters in the city. 

The central bank organised the press conference following the closing meeting of the visiting IMF delegation with the central bank governor in the city. 

The IMF team, led by IMF Mission Chief for Bangladesh Rahul Anand, paid a visit from April 25 to May 7, 2023, to discuss recent macroeconomic developments and implementation of the Fund-supported program.

IMF has approved Bangladesh's US$4.7 billion loan proposal. Out of the amount, Bangladesh has received the first installment of $476 million. 

In his speech, Mezbaul Haque said the central bank has taken a plan to introduce 'interest rate corridor (IRC)' from the next monetary policy to ensure coordinated lending and deposit rates under a financial-reform package.

"We are going to introduce interest rate corridor. We have taken a plan to implement the window of rates from next monetary policy. The country is also moving towards a single exchange rate as per IMF demands," he added. 

He said that the country's exchange rate is already close to a single rate. 

Mezbaul Haque also announced that the calculation of net forex reserve, as per the IMF's advice, will be published in the next monetary policy.

Addressing recent news reports on the matter, he said that there was no observation from the IMF that the country has $3 billion unrepatriated.

He informed that as of now, export proceeds of around $1.4 billion is waiting for being repatriated.