Bangladesh Bank governor Abdur Rouf Talukder said that there will be no foreign exchange crisis from January 2023, as exports and remittances have become surplus against imports.
He said this while speaking at the national seminar on LDC Graduation, organised by the Economic Relations Division (ERD) at a hotel in the capital on Thursday.
The Central Bank Governor said, “There will be no foreign exchange crisis in Bangladesh from January next. In fact there is no crisis at present, but we have taken a cautious step to prevent under-invoicing in the country. The central bank is strictly monitoring to prevent ‘hundi’. As a result, over invoicing (showing higher prices) and under invoicing are reduced to zero.”
He said that a Bangladesh Bank investigation revealed that the country's unusual import volume increased over $8 billion since the beginning of this year. After scrutiny of the imported goods, the imports fell to $5 billion, which is usual.
The central bank governor said they also found though the investigation that some goods were imported with 20 percent to 200 percent 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 under-invoicing and over-invoicing as well to check foreign exchange smuggling, and thus boosting revenue earnings.
