Bangladesh Bank has asked all authorised dealer banks to verify the price of commodities, quoted by importers, in the global market.
“Given the prevailing global commodity market trends, Authorised Dealers (ADs) are advised to adhere to regulatory parameters for verification of import prices and price competitiveness,” the central bank said in a circular issued on Monday, according to BSS.
“As usual, ADs shall comply with extended due diligence in import transactions and relevant regulations without limiting to provisions of Import Policy Order in force, credit reports of suppliers, KYC (Know Your Customer) and AML/CFT (anti-money laundering/combating the financing of terrorism) standards, and so on,” the circular added.
According to a bdnews24.com report, the central bank made the move amid concerns over money laundering through over-invoicing in imports and under-invoicing in exports.
Import expenditures have surged since the start of last year and exceeded export earnings and inward remittance to result in a deficit in offshore trade and current account balance. The dollar prices soared against the taka and the economy was hit by inflation.
In a bid to alleviate the crisis, the national bank issued a directive that importers would require its permission ahead of bringing in goods worth $30 million or more. Later several LCs were cancelled over importers showing higher goods prices.
