He quoted reports of the World Bank (WB) and the International Monetary Fund (IMF) as saying that the financial management in Bangladesh is the best among the least development countries (LDCs).

The minister was speaking at a function organised by the Sonali Exchange on the occasion of the inauguration of its online money transfer service here on Thursday.

Saifur was critical of those who were spreading propaganda at home and abroad against the country by terming it a non-functional state.

"Bangladesh by any extent could not be termed a non-functional state and the BNP is not an ineffective political party. Rather, those who suffered debacle in the general election in 2001, bagging only 56 seats, down from 142 in previous parliament, are the failed ones," he added.

Finance Secretary Zakir Ahmed Khan, Bangladesh High Commissioner to Canada Rafique Ahmed Khan, Consul General of Bangladesh Consulate in NY Mohammad Mohsin Ali and Press Minister of Bangladesh mission in the UN M Muhaddes were also present.

More exchange houses will be opened in various countries, including Japan and Korea, if the New York experience was found to be helpful, the minister said, adding that exchange houses have already been set up in Italy and Singapore.

He also called on the expatriate Bangladeshis to send remittances through the Sonali Exchange as it would ensure benefit for them.

He said the foreign exchange reserve reached 3.3 billion US dollars mark as a result of good financial management in the country.