Bangladesh Bank has ordered the banks to quickly monetise the export earnings to control the unbridled foreign currency dollar market. This directive was given in a meeting with the Association of Bankers Bangladesh (ABB), an association of bank chief executives, and the Bangladesh Foreign Exchange Dealers Association (BAFEDA) on Sunday (14 August). In the meeting, the central bank also discussed various issues with the bank heads to resolve the ongoing dollar crisis.
At the end of the meeting, the spokesperson of the central bank Md. Sirajul Islam said that due to the decrease in import costs, the dollar market situation will soon be alleviated. Apart from this, banks have also been given instructions for quick monetisation of export earnings.
The central bank spokesperson said that ABB and BAFEDA have promised that the dollar market will stabilise soon. And one of the instructions given to them by the central bank is that the banks should cash their export bills quickly. Another is to execute inter-bank transactions among themselves.
Sirajul Islam also said that Bangladesh Bank’s instructions to reduce imports are being implemented. Already, imports have fallen by 31%. We expect the dollar market situation to stabilise within the next one or two months.
Bangladesh Bank Governor Abdur Rouf Talukder presided over the meeting. Deputy Governor Kazi Saidur Rahman, Ahmed Jamal, AKM Sajedur Rahman Khan, Abu Farah Md. Nasser, Head of BFIU Masood Biswas, and directors of concerned departments were present among others.
Chairman of the organisation Salim RF Hossain attended the meeting on behalf of ABB and Chairman Ataur Rahman Prodhan attended on behalf of BAFEDA. And managing directors of various commercial banks were present.
