During their visit, an International Monetary Fund (IMF) delegation raised concerns about the unreturned proceeds from some of Bangladesh’s exports over the past 10 to 15 years. This discrepancy amounts to $3 billion, as indicated in discussions with various government ministries and Bangladesh Bank.
However, no specific figure was mentioned during the delegation’s meeting with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at its Dhaka office. BGMEA President Mr. Faruque Hassan confirmed this after the meeting.
The delegation expressed concerns about potential money laundering activities linked to this gap, prompting questions from various sectors. The IMF team also sought information regarding challenges faced during the export process. They inquired about any restrictions on opening letters of credit, which may be contributing to the gradual depletion of the country’s foreign currency reserves, particularly in US dollars, partly for government foreign loan repayments.
As of October 11, Bangladesh Bank reported foreign reserves of $21.07 billion, with the highest record being $48 billion in August 2021.
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