Bangladesh Bank Governor Ahsan H. Mansur has said that there is no dollar crisis in the banking sector. He also stated that there is no sign of any product shortage in the upcoming Ramadan.
He made these remarks on Saturday (29 December) at the Fourth Bangladesh Economic Conference in Dhaka.
The Governor said, “We believe that our external sector has stabilized; there is no vulnerability there. We can import as much as we want. If someone says they cannot import, that is their problem, not ours. There is no shortage of dollars in the banking sector. You can buy any amount of dollars you want, as long as you bring Bangladeshi taka. Bringing the taka is your responsibility. We are not imposing any margin requirements. All margin requirements have been removed by Bangladesh Bank, and banks have been instructed to conduct business based on client–bank relationships. From this perspective, we are in a comfortable position.”
Ahsan H. Mansur further said, “On the day I joined as governor, the exchange rate was 120 taka per dollar; now it is 122 taka 50 paisa. You may notice that things are becoming more stable. When I joined, the rate in India was 84 rupees, and now it is 89 rupees.”
Mentioning that over-stabilization is also not good, Mansur added, “Still, I would say we are fully market-based. There is no intervention, and hopefully, there will be none.”
He also said, “For this year’s Ramadan, I can already say that we see no signs of concern. LCs (letters of credit) for Ramadan goods have already been opened, and compared to last year, imports of various items have increased by 20 percent, and in some cases by 50 percent. Even with the rise in imports, there is no pressure on the dollar.”