Due to the dollar-crisis, import controls have been tightened. As a result, the amount of loan opening has decreased. Still, the dollar-crisis will continue for two more months. The dollar-crisis will decrease from the beginning of next January. Such opinion emerged in a discussion of senior officials of Bangladesh Bank.
Governor Rauf Talukdar discussed the current overall financial situation of the country with the Deputy Governor and Executive Directors of the Central Bank on Sunday morning.
The senior officials of the central bank expressed such opinion in the exchange meeting held in the meeting room of Bangladesh Bank. The dollar-crisis and the foreign exchange reserve situation dominated much of the discussion at the meeting.
The Deputy Governors did not allow the discussion on inflation and interest rates to proceed. Today, the governor has a schedule of discussions with the officials associated with the bank inspection.
In this regard, Central Bank spokesperson GM told that the meeting discussed the overall situation of Bangladesh Bank and the country's financial sector. The Governor has given some directions.
It is known that joined as the governor on July 12. He wants to know from the executive directors how the situation of the central bank has been after his joining. At this time, he wants to ask the opinion of the executive directors about the current situation of the country's financial sector.
In the meeting, the executive directors presented their views separately. Most of the executive directors discuss various decisions of the central bank with pouring support.
An executive director was stopped by a deputy governor when he discussed withdrawing the interest rate cap because interest rates on deposits had fallen below inflation. At that time, someone said, if you keep money in the bank, you have to pay expenses in many countries. There is stock market for profit, there are other investment places. Bank cannot be a medium of interest income.
Regarding the dollar market situation, it was said in the meeting that import bonds worth more than 3 million dollars are being monitored. It has reduced the amount of loan opening. As a result, the crisis will end in the coming days.
There is a dollar crisis in the country since last March. Bangladesh Bank accelerated the crisis by holding down the dollar price for a long time. Later, it was forced to leave the responsibility of determining the price of the dollar to the banks. Although there was an exchange of views, no one spoke about the content of the meeting. Meanwhile, although controlling inflation is one of the main responsibilities of the central bank, there was no discussion about it in the meeting.
Dollar in the bank – crisis, businessmen in trouble
For those who have export income and are big businessmen, banks are opening loans only to them. As a result, others are in trouble. The high dollar and the crisis have put pressure on medium and small businesses. This increases the cost and many traders are shrinking their business. Again, they are unable to open import credit as per demand. The bank is reporting the impossibility of not having dollars. They are in crisis as they are unable to open the loan. Again, there is no one to look after them in this crisis, no business organization is active on their behalf.
Ministry of Commerce and Bangladesh Bank do not have any priority list for opening loans. As a result, many important imports including industrial capital equipment, raw materials, food have decreased. If the import of industrial capital equipment and raw materials decreases, the economy slows down. Impact on investment, employment and revenue collection. When food imports fall, prices rise. Everything is happening now in the economy. The import of wheat, rice and pulses has decreased by 9 lakh tons during the last July-October period.
Businessmen say that Bangladesh Bank imposed 100% margin on the import of some products last July. Banks were still opening loans. However, in October, the loan opening has completely reduced. Banks are opening loans only to those who have export income and are big traders.
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