April 17, 2021


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What is the position of Bangladesh in gold reserves in South Asia?

Investment in gold in the country has increased by 36 percent to ৪ 554 million in the last 10 years. In order to diversify its foreign exchange reserves, Bangladesh Bank purchased 10 metric tons of gold from the International Monetary Fund on September 6, 2010 for ৩ 403 million.

Due to the global instability, the gold reserves of Bangladesh Bank have increased to 13.5 tons through the purchase of gold to prevent the fall in the price of foreign currency. Earlier, Bangladesh Bank had a gold reserve of 3.5 metric tons.

If you want to know about the purchase of gold, the then Governor of Bangladesh Bank. Atiur Rahman said 10 metric gold was purchased in 2010 as part of the multifaceted use of foreign exchange reserves. He added that the central bank should buy gold with a certain portion of its foreign exchange reserves.
In 2010, the share of gold in the country’s foreign exchange reserves increased by 5 percent. Earlier, gold shares were 1.5 percent. However, on March 15 this year, it fell to 2 percent, the lowest in South Asia.

The former governor of Bangladesh Bank still thinks that it is necessary to invest in gold reserves from foreign exchange reserves. Because gold has a moral value.

Bangladesh Bank officials said that despite the volatility of gold prices in the international market, the unrealistic profit of such investments is more than 150 million as of March 15.

They said that in compliance with the International Accounting Standards (IAS), Bangladesh Bank’s financial statements for the financial year calculate assets as well as national profits.

Despite higher profits, Bangladesh Bank did not invest in yellow metal in the year of the epidemic. Where the central banks of most countries in the world have expressed interest in investing in gold to increase the investment portfolio to cut uncertainty.

Central bankers say Bangladesh Bank is not really interested in buying gold from the international open market to prevent future risks.

Asked about plans to invest in gold, a senior central bank official said, “We are not interested in buying gold from the International Monetary Fund and any bank’s auction.” The central bank thinks that investments can be made in the future when the price of gold returns to normal or previous positions.

According to the World Gold Council, the price of the precious metal gold has risen 34 percent to ৭ 1,630 an ounce as of March 15 this year. On September 6, 2010, the price per ounce was ২ 1252.

The price of an ounce rose to ৬৭ 206.15 in early August 2020, mainly due to uncertainty caused by the Kovid-19 epidemic.

However, analysts said that gold prices have declined in recent months due to some transition, economic recovery, increased immunization and capital market growth.

On the other hand, gold prices have fallen 11 percent, or ৩ 213, in the last six months as coronary infections have been reduced due to the launch of global vaccination campaigns. Gold is generally considered a safe haven because it is less volatile than other investments during recessions.

According to a 2020 survey by the Central Gold Reserve (CBGR) conducted by the World Gold Council (WGC), 20 per cent of central banks want to increase gold reserves in the next 12 months. In the 2019 survey, 6 percent of banks were in favor of increasing gold reserves.

According to the data, central banks have hoarded record amounts of gold in recent years. In 2019, it has stockpiled 650 metric tons of gold. This is particularly significant.

The World Gold Council Outlook 2021 says investors thought the epidemic was over late last year. But the rise of Covid-19 has created new uncertainties.

The World Gold Council predicted that the demand for gold investment would be well supported. The use of gold will help revive the economy, especially in emerging markets.

At present, Bangladesh has 14 tons of gold reserves, which is 2 percent of the total foreign exchange reserves. As of March 15, the country’s foreign exchange reserves stood at দশ 43.01 billion.

According to the latest figures from the International Monetary Fund as per the World Gold Council, Bangladesh ranks fourth among South Asian countries in gold reserves.

India is one of the top gold reserves in South Asia. The country’s gold reserves amount to 6 metric tons, which is 6 percent of the total foreign exchange reserves. Pakistan is in second place with 65 metric tons of gold reserves, which is 21 percent of the country’s foreign exchange reserves.

Among the 14 metric gold reserves in Bangladesh, there are 4 metric gold seized by the law enforcement agencies at different times since independence.

An official of the central bank said that 4 metric tons of gold will be included in the reserves of Bangladesh Bank after completing the legal process. These golds do not belong to Bangladesh Bank. The seized gold is only deposited in the vault.

He added that Bangladesh Bank will buy the gold from the law enforcement agencies after resolving the legal issues. Material Gold and Silver are stored at Bangladesh Bank’s Motijheel office and Bank of England.

A large portion of the country’s foreign exchange reserves have already been invested in US dollars in commercial banks and long-term bonds.

On the other hand, some amount of money has been invested in Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars, Chinese Renminbi and Japanese Yen.

Gold is a precious metal in material use. However, global gold demand investment calculationsIn particular, the section on central banks.