Dollar crisis and inflation a big challenge, says BB Governor

Bangladesh Bank (BB) Governor Fazle Kabir said has said that dollar crisis and inflation have become a major challenge that causes a huge trade deficit. In order to meet this challenge, not only the central bank, but also all public and private commercial banks have to work collectively.

He said this while speaking at Scholarship Awarding Ceremony of Al-Arafah Islami Bank at the Officers Club in Dhaka on Saturday (May 26).

Governor said, “We have imposed a number of restrictions on imports. If we abide by the restrictions, we would be able to meet the challenge. We should refrain from importing luxury goods now. In case of Letter of Credit (LC) Open, we have given some margins, which you should comply with. We are providing dollars directly from the central bank’s reserves to ease the crisis and it will continue. Besides, we have provided opportunity to import food, baby food, fertilizer, energy and electricity, agriculture and other necessary products. We’re discouraging products that aren’t really needed.”

He added, “I hope we will be able to face the existing challenges in the same way that we did during the coronavirus pandemic.”

Fazle Kabir said, “Some189 bankers died of coronavirus. During that time, the activities of the bank had to be kept active. The banks were in the front row. There had been some losses in tackling the challenge.”