No problem on forex reserve from January next, hopes the governor

BTJ Desk Report
No problem on forex reserve from January next, hopes the governor

Bangladesh Bank Governor Abdur Rouf Talukder expressed his optimism that there would be no problem related to foreign exchange reserves from January next year.

He expressed such hope since the country’s exports and remittances have become surplus compared to imports.

Rouf said this while speaking at the national seminar on LDC Graduation, organized by the Economic Relations Division (ERD) at a hotel in the capital.

He said that a Bangladesh Bank investigation unearthed that the country’s unusual import volume increased by over $8 billion since the beginning of this year. After looking into the matter and scrutinizing the imported goods, the imports fell to $5 billion, which is usual.

The central bank governor said they also found in the investigation that some goods were imported with 20% to 200% over-invoicing.

“Import volume then fell as we checked such incidents,” he said.

The governor mentioned that the Bangladesh Bank is also working to check both under-invoicing and over-invoicing as well as to check foreign exchange smuggling, thus boosting revenue earnings.

He said the central bank is only looking into the LCs’ values and actual market value of goods, which will continue to check foreign exchange smuggling through hundi.

Planning Minister MA Mannan was the chief guest at the programme.
Principal Secretary to the Prime Minister Dr. Ahmed Kaikaus, FBCCI President Md Jasim Uddin, and ERD Secretary Sharifa Khan, also spoke at the function.

The planning minister said that for ensuring smooth LDC graduation, the workers, farmers, and remittance fighters should have to be brought into the center of financial activities. “We need to put emphasis on this no matter who says what?”

FBCCI President Md Jashim Uddin said that during the graduation period, Bangladesh should take such tariff policy which other countries of the world had pursued during their graduation.


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