Remittance and export bill worth USD 10.5 billion which is stuck abroad has been directed to be repatriated. The regulatory agency Bangladesh Bank has said that dollar support will not be given to the banks if they do not bring these funds. This directive was given in the meeting of the Association of Bankers Bangladesh (ABB), the association of Chief Executives or MDs of banks with Bangladesh Bank on Monday (25 July).
At the end of the meeting, the Executive Director and spokesperson of the central bank Md. Sirajul Islam said that due to the dollar crisis, we are passing a transition period at the moment. So far, 7 billion dollar support has been given by Bangladesh Bank to keep the market normal. One and a half billion dollars of remittances are still stuck abroad, which have not yet been brought. Apart from this, about 9 billion dollars are stuck in the nostro accounts of banks as export reconciliation. Altogether we have directed the banks to bring in ten and a half billion dollars. Now, if the banks do not bring these dollars from abroad, then Bangladesh Bank will not provide dollar support anymore. The central bank will take further steps based on the support of the banks.
He said that foreign exchange reserves are like our mirrors. It is not possible for us to completely deplete the reserves. We expect the same cooperation from you in bringing back the export money as you cooperate in bringing remittances. Bangladesh Bank is ready to take any risk as long as it is within the rules. If it’s not within the rules then we have nothing else to do.
