Bangladesh now has the flexibility to clear import funds of 4 months if the nation’s internet foreign exchange reserves are considered, the Centre for Coverage Dialogue (CPD) stated as we speak.
The nation’s gross foreign exchange reserves hit $35.8 billion in October this yr, down from $46.5 billion in the identical interval final yr, it stated.
For all latest news, follow The Daily Star’s Google News channel. The general steadiness got here right down to (-) $4.87 billion within the July-October interval this yr, which was (-) $1.34 billion in the identical interval earlier yr.
In the identical interval, Bangladesh’s means to make import funds additionally decreased from 6.2 months to five.2 months if the gross reserves are thought-about, the native think-tank stated.
Fahmida Khatun, government director of the CPD, shared the knowledge whereas presenting a paper on “Managing the financial disaster, CPD’s coverage suggestions”, at a programme at Brac Centre Inn in Dhaka.
Within the paper, the CPD additionally beneficial some steps which the nation ought to now take to tackled the state of affairs.
“While the rise within the import funds for capital equipment may very well be resulting from one-time bulk imports for mega initiatives, there’s a want for higher surveillance of import funds, to forestall over-invoicing, notably as a result of imports of capital equipment are largely zero-tariffed and consequently, the opportunity of over-invoicing in case of imports of these things is that a lot higher,” it stated.
The import categorisation made by Bangladesh Financial institution ought to be made in a extra clear method, and the respective headings ought to be made public, the CPD stated.
Authorized measures should be taken, related legal guidelines enforced and violations delivered to justice to forestall future violations, it additionally beneficial.
