Tughlaki scandal has happened with the account of Bangladesh’s export income Bangladesh Bank no longer matches as Export Development Bureau (EPB). Baladesh Bank is not getting the whereabouts of 2 thousand 334 million dollars from the account given by EPB in 20 months.
Analysts say this situation has never happened before As a result, many calculations of the economy will now change Balance of payments (BOP) accounts will be reversed, financial accounts will also be affected There will also be changes in terms of growth and per capita income
According to
EPB, in the first 10 months (July-April) of the last fiscal year 2022-23, four thousand 567 million dollars worth of goods were exported. But now Bangladesh Bank says, at that time the export was worth 3 thousand 613 million dollars According to them, the exports of 954 million dollars have decreased
And in the first 10 months of the outgoing financial year 2023-24, according to EPB, 4 thousand 747 million dollars worth of goods have been exported. And Bangladesh Bank says, the export has been 3 thousand 367 million dollars According to them, exports are less than 1 thousand 380 million dollars
EPB reported exports of $9,314 million in the first 10 months of the outgoing fiscal year and the first 10 months of the previous fiscal year. And Bangladesh Bank is now saying, in those 20 months, the export was 6 thousand 980 million dollars
According to Bangladesh Bank, exports were less than $2,334 million, which is 25 percent less than EPB’s estimate.
Now the question is, where did EPB’s export income go? Or, EPB showed inflated export earnings?
The impact
has begun to impact the Balance of Payments (BOP). As of last March, the country’s trade deficit was shown at BOP of only $4.74 billion But in April, this deficit was shown as 1 thousand 869 million dollars In one fell swoop, the current account balance shifted from a surplus to a deficit as the trade deficit nearly quadrupled. As of March, the current account showed a surplus of about 5.8 billion dollars, but in April, it turned into a deficit of about 5.73 billion dollars.
However, the opposite situation is seen in the financial accounts of the country In the last two fiscal years, Bangladesh Bank was worried about the large deficit in financial accounts And in the 9 months of the financial year up to March, the country’s financial account showed a deficit of about 926 million dollars But as of April, it has shown a surplus of 223 million dollars And at the end of April, the total deficit of BOP was shown to be 56 million dollars
Statement of Bangladesh Bank
Bangladesh Bank could not find any statement regarding the cause of this situation However, the spokesperson of Bangladesh Bank Md. Mehbaul Haque told the media two days ago, “We get the export information from EPB.” BOP has been calculated on the basis of the information that the organization has provided to Bangladesh Bank so far EPB has now given revised export data EPB can explain what happened in this case Bangladesh Bank has no responsibility in this regard.’
EPB vice chairman Md. Anwar Hossain tried repeatedly but he did not pick up the phone He has reportedly been avoiding the media for the past few days
Three reasons
Policy Research Institute Executive Director Economist Dr. Ahsan H. Mansoor said, this situation may be due to three reasons
1. EPB has over-reported the information they have accounted for through customs 10 million dollars worth of product exports are shown But in reality it is 4 million dollars In fact, that product is cut here or the whole product is not here
2. Another may have happened earlier in Pakistan That is, the exporters have taken advantage of the subsidy by showing more exports Here both the exporter and customs can take financial advantage
3. Another may be that the amount exported is not brought into the countr
Three said, “If the export income has not been brought to the country, then it can be brought.” But if it is due to other two reasons, money will not come to the country.’
His words, ‘as a result of this, many accounts of the economy will change now Bangladesh Bank has started the correction It would have been better to do it earlier The whole scenario is changing The current account was in surplus, it has become negative The financial account was negative, it has become positive.
Dr. Mansoor said, ‘I have never seen such a situation before Now many calculations of the economy have turned upside down The data on which the economy was analyzed is not correct There needs to be an investigation now We need to know who is responsible and whether there is any motive behind it.’
Bangladesh Bank ‘s
former governor Dr. Saleh Uddin Ahmed said, “We cannot say why this happened.” Bangladesh Bank, EPB can say They can investigate Just investigation or correction now will not do Those responsible should be identified Measures should be taken so that it does not happen again in the future.’
Ahmed, the former governor of Bangladesh Bank said, ‘But I think exporters get cash assistance on exports. May be it showed more than actual export to get more There may also be a tendency to show more Cash incentives, taking money from Export Development Fund – all these reasons may show more exports than actual exports.
He said, ‘It is now changing a lot of accounts Balance of payment is negative Again the financial account is becoming positive This will have an impact on the dollar, depreciating the currency A mistake of 23-24 billion dollars at least.
“Per capita income will decrease”
Dhaka University Development Studies Department Professor Economist Dr. Rashed Al Mahmud Titumir said, “I told you about this discrepancy as an exporter in an interview. There is a problem not only in terms of export but also import In the fiscal year 2020-21, 6 thousand 68 million dollars have been spent on imports At that time our surplus was 927 million dollars But in the next financial year our import expenditure increased drastically In the financial year 2021-22, the expenditure on imports is shown to be 8 thousand 250 million dollars That is, more than 2,000 billion dollars have been imported in a span of one year What happened in Bangladesh that there was a jump in imports in one year?’
He said, ‘If there is no accurate data of the economy, a correct understanding of the economy is not available A proper plan cannot be taken Still it is good that Bangladesh Bank has started its correction As a result we will now have lower GDP, lower growth, lower per capita income Comma is not correct More has been shown before Now the real picture can emerge.’
Dr. Titumir said, ‘There is politics behind the show Pundits talk about the tendency to show the alleged development But to know the real situation, accurate data is needed.