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Dollar Crisis Disrupting Payments for Essential Imports
Says NRB Chairman
Bangladesh is grappling with a severe dollar crisis, which is hindering payments for essential imports, including fuel and other key commodities needed to sustain industries and transportation, according to National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan.
Speaking on Sunday, Khan acknowledged the growing difficulties, stating, "As noted by a Bangladesh Bank representative, essential items like fuel and gas, which are critical for industries and the transportation sector, are not being paid for properly due to the ongoing dollar crisis."
The NBR chairman's comments came during a meeting with stakeholders from the gold import sector, where he also discussed the impact of the currency shortage on various import-related issues.
In the same meeting, leaders of the Bangladesh Jewellery Association raised concerns over the high import duties on diamonds, which have resulted in a 151% tax burden. They urged the NBR to reconsider these levies.
In response, Khan explained that the high duties were part of a strategy to discourage diamond imports during challenging times for the country's foreign exchange reserves. "Once the foreign exchange reserve situation improves, we will revisit these restrictions," he assured.
The NBR chairman also referred to the instability in the banking sector during the previous Awami League government as a significant factor contributing to the current crisis. He expressed hope that the situation would stabilize in the future, allowing for more flexibility in import policies.