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BB for tight forex reserve to pay future import bills

Star Business Report
The central bank governor yesterday said it will be cautious in spending foreign exchange reserve in view of future demands for commodityimportbills.
"We'll have to spend the reserve cautiously as we ll have to meet increased payments for import of food and other commodities," Bangladesh Bank Governor Salehuddin Ahmed said while briefing newsmen after a meeting with the chief executive officers of financials institutions (FIs).
The BB governor was also asked why the government has decided to take hard-term loans from the Standard Chartered Bank for the Bangladesh Petroleum Corporation when the foreign exchange reserve level is stable.
The governor said interest rate of the loans from the Standard Chartered Bank is less than the Islamic Development Bank's.
"We have already given $300 million loans to the BPC [Ban-gladesh Petroleum Corporation) to purchase petroleum products," he said.
As of Tuesday, the foreign exchange reserve was US$ 5.6 billion, which is equivalent to import payments for three months.
Asked about the IMF loan of $220 million as emergency support, Salehuddin said the IMF loan would help avert unexpected pressure on the balance of payment as spending on imports have increased substantially in recent days.
Referring to the discussion with the financial institutions, the governor said two financial institutions have provision shortfalls against their classified loans while the classified loans of eight others have increased.
Sources said of the eight financial institutions, Saudi Bangladesh Industrial and Agricultural Investment Company Limited has 26.14 percent classified loan while it has a provision shortfall ofTk. 4.49 crore.
Industrial Promotion and Development Company of Bangladesh Limited has 21.68 percent classified loan.
Oman Bangladesh Leasing
and Finance Limited has 19.49 percent classified loan and its provision shortfall is Tk 3.9 crore, meeting source said.
Far East Finance and Investment Limited has 17.88 percent classified loan, Bangladesh Finance and Investment Company Limited 13.59 percent, Bangladesh Industrail Finance Company Limited 12.26 percent, Premier Leasing International Limited 15.87 percent, and GSP Finance Company (Bangladesh) Limited 12.56 percent.
The BB governor said the meeting decided to form a committee to look into the delay in issuing IPOs of seven financial institutions in the capital market.
The committee will be formed with representations from central bank, th« Securities and Exchange Commission (SEC), thT* Registrar of Joint Stock Companies and Firms, and the association of the financial institutions.
The meeting was told that the IPOs of the financial institutions could not be issued dud to some complexities.