\\\'Taka under appreciation pressure\\\'

Observing that the local currency, Taka, is under appreciation pressure, Bangladesh Bank governor Dr Atiur Rahman has said the central bank has to necessarily purchase foreign currency at considerable cost of sterilisation. He made the remarks while presenting the Bangladesh country report at the 44th board meeting of the Asian Clearing Union in the city. Dr Atiur has been elected the new chairman of the organisation in the ACU board meeting. The central bank governor mentioned that workers’ remittance inflows, and capital inflows like ODA, FDI, FPI are upholding foreign exchange reserves on a rising trend, now around USD 24 billion, equivalent to about six months' import requirements and comprising cover for about 24 per cent of broad money base. Claiming that the Bangladesh economy is the most stable among the nations in Asia, he said the economy is maintaining a sustained stable spell of six-plus per cent annual average real GDP growth for well over a decade now. The Bangladesh Bureau of Statistics (BBS) estimates real GDP growth for FY2014 (July 2013-June 2014) and FY2015 (July 2014-June 2015) at 6.1 and 6.5 per cent respectively. The incremental growth gain in FY2015 is particularly gratifying, attained amid disruptions from some prolonged spells of pre- and post-national election blockades and hartals. Despite the remarkable resilience of businesses amid disruptions, export growth remained modest in FY2015 (2.63 per cent during July-April) due mainly to demand sluggishness in the traditional advanced markets, he maintained, according to a news agency.