CCCI for monitoring USD rate in banks

The Chittagong Chamber of Commerce and Industry (CCCI) called upon the Bangladesh Bank to implement stronger measures to tackle the increase in value of USD against Taka, including monitoring the American greenback’s exchange rate in banks.

Making the call in a letter to central bank Governor Abdur Rauf on Sunday, CCCI President Mahbubul Alam pointed out, “According to the Bangladesh Bureau of Statistics, inflation is currently around 9 per cent, which is actually around 10 percent for the marginalised people.

“One of the main causes of this inflation is the appreciation of the USD rate against the local currency. The price of every product is increasing due to an increase in import costs. If this trend continues, the rate of inflation will increase further in the coming days.”

Mahbubul added, “Even though the Bangladesh Bank has set the same rate for USD exchange for banks, many banks are not complying with that directive, and are imposing rates as they wish.

“To overcome this situation, it is necessary to bring the USD exchange of banks under the monitoring of the Bangladesh Bank.”

The CCCI president made a special request to the Bangladesh Bank governor to take effective measures including monitoring the dollar exchange of banks to control the price of USD against Taka.

He added that the move will help reduce the inflation of all kinds of essential goods, including consumer goods and the cost of industrial production.