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:: price of US dollar against taka - FBCCI seeks govt intervention ~
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade body of the country, has sought government's intervention in curbing the galloping price of US dollar against taka.

The government should release a certain portion of the foreign exchange reserve to cool the overheated dollar market, said FBCCI President Mir Nasir Hossain in an interview with the news agency yesterday.

International Monetary Fund (IMF) on Thursday, however, told government that the multilateral donor agency does not want any government intervention in curbing the price of US dollar against taka.

IMF's Asia and Pacific Department Advisor Thomas R Rumbaugh in a meeting with Finance and Planning Minister M Saifur Rahman conveyed the reservation.

The FBCCI president pointed out that foreign exchange reserve for import payments of two months is enough in the present volatile market situation.

"Reserve of US$ 3 billion is not necessary just now, curbing the dollar price is more important. The government should scale-down the reserve to US$ 2 billion to tackle the situation," he said.

He said the FBCCI has conveyed its opinion to the finance and planning minister, but is yet to receive any feedback.

Describing the worst consequences of the abnormal price-hike of dollar, Mir Nasir Hossain said the export industry, except those enjoying back-to-back L/C facilities, has been suffering seriously due to the dollar price increase. "It is affecting cost of production."

In case of import L/Cs, dollar was being sold at around Tk 71.85 while its rate was around Tk 67.95 in inter-bank foreign exchange market.

Talking about the frequent power outage in the country, the ceramic sector industrialist said the industrial growth has been suffering due to the power crisis.

In this regard, he suggested bringing the surplus electricity of the captive power plants in different industrial units to the national grid to ease the crisis.

"But a policy should be constituted first," said the FBCCI president.

Source :

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