Businesses urge BB to play due role to solve dollar crisis

Businesses on Tuesday urged the central bank to play a proactive role to solve the persisting dollar crisis and help contain the stubbornly high inflation.
They also called upon the political parties to avoid all kinds of violent activities for the interest of the economy that has long been growing in a sustainable manner.
The businesses made the call at a meeting on "Prevailing Trade and Economic Situation", organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at its Gulshan office.
A number of economic issues like the ongoing political violence, dollar crisis, inflation, import control on luxury goods, bank loans, foreign exchange reserves, and ensuring business-friendly environment were discussed at the event, attended by trade body leaders, businessmen and economists.
FBCCI President Mahbubul Alam noted that there has been a very stable political and economic environment in the country for the past few years.
However, the country's businesses, trade and investment are now at risk due to the ongoing violent activities by political parties, he said.
At the same time, he added, attempts are being made to deliberately disrupt the readymade garment sector.
Mr Alam said the prevailing situation is severely disrupting the country's supply chain, affecting the production of goods, market prices and exports, and the services sector.
He urged the political parties to avoid all kinds of violent activities for the sake of the national economy.
Appreciating the announcement of the new wage for the RMG workers, the minimum wages were fixed based on discussions between the workers and employers.
"Despite that, attempts are being made to create chaos in the readymade garment sector … genuine workers cannot be involved in the destructive activities by any means," said the president of the country's apex trade body.
Urging the Bangladesh Bank to solve the dollar crisis and help contain inflation, he called upon the authorities concerned to ensure uninterrupted supply of fuels to facilitate industries' continued production.
Former FBCCI President Kazi Akram Uddin Ahmed said the FBCCI should organise a business solidarity rally with all chambers and trade associations across the country to protest against the ongoing violent political activities.
Former FBCCI President Sheikh Fazle Fahim called for refraining from political violence at this moment of economic crisis and requested the government officials to refrain from making controversial comments.
He suggested forming a committee to strengthen coordination among the stakeholders like ministries of commerce and agriculture, Bangladesh Bank, and the National Board of Revenue (NBR) to deal with the economic crisis.
Another former president of the FBCCI, Jasim Uddin, said the traders should play a more conscious role in importing products to reduce pressure on the US dollar. "If necessary, imports of unnecessary and luxury goods should be reduced further in the next 6 months to a year."
He also commented that there is no alternative to cut-back in the import of goods to overcome the economic crisis.
BGMEA President Farooq Hasan said the real workers can never set fire to their factories. He also commented that there is an attempt to create chaos in the purpose-made clothing sector.
Former chief secretary and panel advisor of FBCCI Abdul Karim, Research Director of CPD and Panel Advisor Dr Khandaker Golam Moazzem, Chairman of Policy Exchange Bangladesh and Panel Advisor of FBCCI Dr Masrur Riaz, DCCI President Barrister Samir Sattar, and MCCI President Md. Saiful Islam, among others, took part in the discussion.

[email protected]