FDI rises 101pc in July-November

Posted: ফেব্রুয়ারি 4, 2009 in Foreign direct investment(FDI)

Foreign direct investment has marked a 101 rise but a fall in portfolio investment in the first five months of the current fiscal year.

The country’s external balance sheet witnessed a deficit of over $500million because of global currency market volatility stemming from the ongoing financial trauma.

The balance of payment was $77million surplus during July-November, 2007.

According to Bangladesh Bank (BB) January update, the FDI inflow stands at $480million during July-November, while the figure was $238million in the same period a year earlier.

The central bank sources consider the purchase of AKTEL’s 30 percent stake at $350million by a Japanese company a major factor behind the surge in Bangladesh’s FDI inflow in the backdrop of declining global FDI scenario.

On the contrary, portfolio investment dropped by $34 million, whereas it increased $45 million during the time last fiscal.

Many who used to make such investment have withdrawn their investments due to the present situation in the world economy.

Bankers have said that the overall balance deficit increased because exporters were either denied fair price for the commodities they sold out or their orders were cancelled. Frequent fluctuation in foreign currency rates also contributed to such a deficit.

BB data show $713million was deducted in the balance of payments, which was $384million last fiscal. The amount of difference between assets and liabilities in a balance of payment is usually deducted.

The daily star 05.02.2009

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