Chief Adviser Dr. Muhammad Yunus has said that growing confidence among expatriates in the interim government has contributed to renewed stability in the foreign exchange market. He noted that the country received a record USD 30.33 billion in remittance through formal banking channels in the last fiscal year, while export earnings registered a nearly 9 percent increase. These developments have strengthened the local currency, with the taka gaining value against the dollar for the first time in many years.
Dr. Yunus made the remarks during a televised address to the nation at 8:20 PM on Tuesday, August 5.
He highlighted that Bangladesh has made a record repayment of USD 4 billion in interest and principal to foreign creditors over the past 11 months. Despite settling arrears, foreign currency reserves have continued to grow. “We hope this trend will continue in the coming months,” he said.
Controlling inflation was one of the biggest challenges for the interim government, Yunus stated. Following economic fragility and flooding, food inflation had peaked at nearly 14 percent, but it has since halved. He expressed optimism that inflation will fall to 6 percent by December.
In June, overall inflation declined to 8.48 percent, the lowest in 35 months, marking the fourth consecutive month of decline.
Earlier on Tuesday at 5 PM, Dr. Yunus read out the July Declaration at a mass gathering held at the South Plaza of the National Parliament. Representatives of all sides involved in the recent people's uprising were present at the event.
Notably, former Prime Minister Sheikh Hasina stepped down and left for India on August 5 amid intense student and public protests, ending 16 years of Awami League rule.
Three days later, on August 8, Dr. Yunus and his advisory council for the interim government were sworn in at Bangabhaban. He delivered his first national address the same day.
