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Bangladesh Bank has shown a huge profit in foreign currency revaluation. In FY22, the central bank made a profit of nearly Tk26,300 crore from foreign currency revaluation which pushed its total profit up to Tk29,247 crore.
It is more than five times higher than the Tk5,777 crore in FY21, according to the Bangladesh Bank annual report data for the last fiscal year.
However, Bangladesh Bank does not take the foreign currency revaluation profit as the bank’s profit.
Data shows interest income from domestic currency has decreased as the government has taken less debt. Income has also decreased due to falling in bank rates and giving money to banks at low interest due to Covid-19.
As a result, the profit of Bangladesh Bank has decreased. In the last fiscal year, the net profit of Bangladesh Bank from local or domestic currency was Tk2,947 crore, which was Tk3,172 crore in FY21.
The central bank has recently finalized the annual report for FY22, which has already been approved by the board.
Based on this considerable profit, the central banker has reportedly decided to give its officials a bonus equal to five months’ basic salary.
Regarding the matter, Bangladesh Bank Executive Director and Spokesperson Serajul Islam told to media that: “The Annual report was approved at the board meeting. It has been finalized by following international practice.”
Bangladesh Bank invests reserves in different countries and it also buys gold. So sometimes it increases the investment value and sometimes it may decrease.
“We know, if there is a surplus of dollars in the banks, Bangladesh Bank buys them, and if there is a crisis, it sells dollars from the reserve.”
Foreign currency revaluation profits
Due to the dollar crisis, it sold 762 million dollars from reserves in the last fiscal year.
On June 30, the central bank sold the dollar at the rate of Tk93.45 which is now Tk 95.
According to data, Bangladesh Bank has shown a profit of Tk26,300 crore in FY22 from the revaluation of foreign currency.
In the previous year, it had shown a profit of Tk 2,606 crore. In FY20 which was only Tk427 crore.
In FY19, the profit from foreign currency revaluation was Tk1,390 crore and in FY18 it was Tk 8,873 crore.
According to the annual reports, Bangladesh Bank’s interest income from foreign currency increased to Tk2,837 crore in FY22, which was Tk2,544 crore in the previous fiscal year.
Profit from commission and bonus from foreign currency has increased to Tk52 crore, which was earlier Tk31 crore in FY21.
(DT)
