Bangladesh Bank Governor Abdur Rauf Talukdar said, we have nothing to fear. We are currently at the bottom. And there is no way down. We can see the light from the tunnel.
He said this while discussing the current inflation situation in the country in a meeting with the leaders of the Economic Reporters Forum (ERF) on Monday (November 6).
Abdur Rauf Talukder said, we will rebound this fiscal year. Inflation will be 8 percent in December, which is targeted to be 6.5 percent next June. But there is a syndicate. That is why there is no denying that people are suffering.
The Secretary of Finance Department of the Ministry of Finance was present at the time. Khairuzzaman Majumdar, Financial Institutions Department Secretary Mohammad Salimulla and ERF President Mohammad Refayet Ullah and General Secretary Abul Kashem etc.
Abdur Rauf Talukder also said that the loan from the International Monetary Fund (IMF) will be available in December next month. The day before that, the loan will be approved in the board meeting of the donor organization. And since the loan agreement is at the staff level, there is no doubt about getting this loan.
Regarding money laundering, the governor said that at least 10 times more money is laundered under the cover of business than Hundi. For example, there are 13 thousand Bangladeshi companies in Dubai. These are organizations built for money laundering. Similarly, 2500 institutions have been established in Portugal. The source of money is trafficking.
He said that earlier every month about one and a half billion dollars was smuggled through invoicing. Later on surveillance was increased. But the amount of LC did not decrease. That is why the LC bill has come down to 4 to 5 billion instead of 8 to 9 billion. But this did not reduce the supply. However, if the dollar increases, the condition of LC will be waived.
There is inflationary pressure in the country. Various initiatives are being taken to reduce it. And Bangladesh Bank is selling dollars from reserves to keep the supply of necessary products normal. This increases the pressure on the reserves.
It was informed from the meeting that no more dollars will be invested inside the country to reduce the pressure on the reserves. Meanwhile the Export Development Fund (EDF) has been reduced. EDF of seven and a half billion has been reduced to three and a half billion. Efforts are being made to recover the debt of Payra Port. New dollars will arrive in the next two months. Then the reserve will increase. Therefore there is nothing to worry about the reserves of the country.