Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 248 Fri. February 04, 2005  
   
Business


CCCI concerned over hike in dollar price Seeks urgent BB steps


Chittagong Chamber of Commerce and Industry (CCCI) expressed concern over continued rise of dollar against taka and urged the Bangladesh Bank to take emergency step to prevent the unstable trend in the currency market.

"The on-going unusual rise of dollar against Bangladeshi currency is causing harm to the country's export trade, which is largely dependent on import, especially the readymade garments sector," said CCCI President Saifuzzaman Chowdhury Javed in a message issued on Wednesday.

The uneven trend would lead to the discomforting hike of essentials and thereby leave a negative impact on the country's overall socio-economic environment and trade and commerce, he added.

"Although there is no scope to fix specific rate in the existing floating exchange system, the government can resist the unusual trend of the foreign currency market by applying different methods and mechanisms," Saifuzzaman said.

As for interim measure the CCCI president suggested direct supply of dollar from the central bank.

"This alternate step may play a role in lessening the rise of dollar price in the inter-bank transactions and also help the unsteady market return to normalcy," he added.