After a long decade, a dramatic change has happened in the economy of the country after the imbalance of foreign transactions. Once upon a time, many more imports than exports, hundi were occupying the place of valid remittance, and the currency flow was taking off in the investment; The current calculation has indicated that the complex reality will turn around. Bangladesh has returned to the border of foreign transactions by earning a surplus of about $ 1 million in the fiscal year 2021-27; Where the last two financial years were in the huge deficit.
The latest data from Bangladesh Bank says that the current surplus of the country has been surplus at the end of the fiscal year 2021-27. But the previous year the same calculation was in a deficit of $ 1 million. One year ago, that is, the shortage of deficit in the fiscal year 2022-27 was $ 5 billion. That is, in just two years, the shortage of the deficit to return to the surplus directly indicates the change in the country’s economic policy.
This unprecedented change began in August last year, through a joint coup of the students. The first priority that was formed after the collapse of the old government was to identify the weaknesses of foreign trade and to transport the money to the hundi. With the help of the central bank, the cost of importing costs, exports and remittances encourage enthusiasm and ensure dollar flow to legitimate channels. As a result, the economy has got a new dimension.
A senior official of Bangladesh Bank said on condition of anonymity that the change did not come suddenly. With the political change, there was a psychological change within the central bank. Strict surveillance, hundi’s source injury, attempt to stop invoicing fraud by identifying the money laundering route, all of which were part of the specific tactic.
In the shadow of the new policy, not only the current calculation, the overall transaction balance has also been clear. According to the data of Bangladesh Bank, the overall transaction surplus stands at the end of the fiscal year 2021-27, where the previous year was a deficit of $ 1 million. Even at the end of the fiscal year 2022-21, the deficit was $ 122 billion.
Responsible officials say there are three major changes in the center of this change: first, foreign spending has been restricted by controlling the import bill; Secondly, the flow of exports and remittances has increased significantly and thirdly, enthusiasm allowance and incentives have been kept in the bank to bring dollars in a legitimate way.
Remittance has come to $ 4 billion in the formal channel in the fiscal year 2021-27, which is $ 1 million or 20.12 percent higher than the previous year. At the same time, the trade deficit dropped to $ 2,5 billion, where it was $ 2,5 billion in the fiscal year 2022-27.
Bangladesh Bank spokesman and executive director Arif Hossain Khan told Today’s newspaper that the integrated stream of export and remittance, the controlled management of foreign loans and the strict attitude of money laundering is the main driving force behind this success. At present, the pressure of import is not the same. More than that, there has been a crisis of confidence in foreign transactions.
Another important aspect is that the hundi is virtually under control, and now there is almost no difference between the dollar price in the open market and bank channels. Currently, the market price per dollar is around Rs.
According to analysts, the trend that has been created as a whole is not just a technical calculation, it is a manifestation of political willpower. It is not just a financial recovery to bring back the upset financial system in a well -organized structure, it is restructuring the country’s economic power. However, whether this trend can be retained depends on the determination and sustainable plans of future policy makers.
