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Export proceeds worth around US$ 650m not repatriated |
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December 22, 2000
Dhaka-- (UNB) – Export proceeds worth around USD 650 million were not repatriated in the country last fiscal year, which is more than double the maximum level of normal trend, mainly due to discounted receipts against exports. A meeting of bankers at Bangladesh Bank yesterday (Thursday) revealed the figure, a difference between the figures of Export Promotion Bureau (EPB) and the central bank. EPB registers the figure as per the shipping documents while Bangladesh Bank counts the amount received against exports. Bangladesh Bank governor Dr Mohammed Farashuddin chaired the meeting attended by commerce secretary, additional finance secretary, the managing directors of private and nationalised commercial banks, senior BB officials and representatives from NBR, EPB and Tariff Commission. “The difference is a normal one, but it’s much more in the last fiscal,” said a meeting source. The meeting reviewed the reason for the huge differences of figures. He said discount payment by the importers is normal practice in international trade owing to misdeeds in the whole process. In case of Bangladesh, the discounted export receipts range between USD 200 and 300 million. “This can be arranged and is happening specially in garment sector,” said a senior BB official. Farashuddin advised the commercial banks to take measures to ensure repatriation of the export proceeds in time, which is being made beyond the maximum period of four months. He also asked the banks to remain careful about over-invoicing—which the finance minister had earlier blamed for foreign exchange leakage--and advised them to check properly the import prices. The governor also informed the meeting that the import restriction of LC margins for commercial import of fertilizer and cotton would be withdrawn soon. “It’s is likely to be in the next week,” hinted a meeting source. The governor also directed Sonali Bank to withdraw the kerb market thriving around its Dilkusha Branch. |