Dhaka Chamber of Commerce and Industry (DCCI) has expressed deep concern over the recent central bank’s foreign exchange reserves scam in Federal Reserve, USA, according to a statement issued yesterday. The country’s largest business body feared that the scam might bring multiplier economic impacts such as hitting the balance of payment, repayment of external borrowing, downgrade the credit rating of Bangladesh above all weakening the currency exchange rate with the decline of purchase power of taka and macro-economic slowdown. “In the wake of this recent scam, DCCI would like all concerned authorities to take into account our economic transformation process to progress relentlessly towards 2021 and 2030 with utmost priority,” said the statement. It said the foreign exchange reserves are likely to fall, resulting in currency devaluation and spending hike in import trade leading to a wider negative balance of trade. The import-led export growth trend will continue to decline having the higher cost of doing business, it said, adding that on the other hand, the central bank led the range of dollar to denominate investment schemes including EDF (Export Development Fund) in local market and higher local private sector lending target of monetary policy may be hampered above all plunging remittance inflow. It said the overall credit rating of Bangladesh may face further slump sliding down the FDI inflow potential and business competitiveness to harness the incremental industry intensive and export growth trajectory envisioned in economic graduation of Bangladesh. Against this reserves fiasco, DCCI hopes that stern and high powered investigation will be carried out to get the fund reimbursed and restore the credence on Bangladesh Bank-led financial sector in no time. “Since the central bank has been predominantly the economic policy leader, regulator and custodian of the robust financial sector of Bangladesh, consistent regularity, well-shielded monetary security policy reform, and strapping IT devised security system implementations are inevitable to retain financial sanctity and continue economic acceleration in the days to come.”
