"Extensive reliance on other convertible currencies may not be a wise options, however, home currency use in certain trade transactions with selected countries may help reducing transaction costs", said a study report on Thursday. The report was released during a roundtable discussion styled ‘Using US Dollar in Foreign Trade: Is there any Alternative Option?’ at the Bangladesh Institute of Bank Management (BIBM) on Thursday
S.M. Moniruzzaman, Chairman of BIBM Executive Committee and Deputy Governor of Bangladesh Bank attended the roundtable discussion as the chief guest with Md. Nazimuddin, Executive Director of Bangladesh Bank and Director General of BIBM in the chair. While addressing Deputy Governor said, around 89 percent import transactions were conducted by using USD in 2019 and the trend was around 85 percent during last decade.
He said around 98 percent export transactions were conducted by using USD in 2019 and the trend was around 97 percent during last decade. "Bangladesh Bank has allowed Authorized Dealers to do trade services in freely convertible foreign currencies. Despite dependence on USD for trade and other cross border transactions, as observed in the paper, in the context of Bangladesh, we are also not different from most of the other global economies", he added.
Dr. Prashanta Kumar Banerjee, Professor & Director (R, D&C) of BIBM delivered the address of welcome. Dr. Shah Md. Ahsan Habib, Professor and Director (Training) of BIBM presented the keynote paper in the roundtable discussion. Professor Dr. Barkat-e-Khuda, Dr. Muzaffer Ahmed Chair Professor of BIBM & Former Professor of Dhaka University; Yasin Ali, Former Supernumerary Professor of BIBM spoke among others at the event.
A good number of participants including senior executives from Banks and NBFIs, academicians, media representatives, faculty members of BIBM took part in the roundtable discussion.
