While forex reserve on decline volume of black money increases

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According to data provided by the Bangladesh Bank in October 2022, the foreign currency reserve has decreased to 35.95 billion dollars. But the International Monetary Fund or IMF does not find this information acceptable. Bangladesh Bank has given loans in foreign currency to the influential exporters of the country through various banks under the instructions of the government, whereas IMF has asked not to include this loaned amount into the foreign exchange reserve figure. That means, Bangladesh’s actual foreign exchange reserves is now below US$27 billion. Such a downward trend is extremely dangerous.

Remittances sent by expatriate Bangladeshis in FY 2021-22 has declined by 15 percent to US$ 21.03 billion from US$ 24.77 billion in FY 2021-21, mainly due to the boost of remittances through illegal Hundi channels. As a result, the decline in foreign exchange reserves has started from August 2021.

Although the amount of reserves in the central bank is decreasing, anyone looking on the streets in Dhaka city, can see the crowd of luxury vehicles. Presence of luxury and super-luxury vehicles such as Mercedes, BMW, Rolls Royce, Cadillac, Jaguar, Ford, Bentley, Range Rover etcetera are on sharp rise. The price of one vehicle is more than BDT 200-250 million. How much income tax do these users of luxury and super-luxury vehicles pay every year? Has anyone ever asked this question?

In the city’s Gulshan-2 area, for example, recently apartments with 7,000 square feet were put on sale. Each of the apartments was priced at BDT 150 million. Just within the span of two months, all the 36 units were sold. Similarly, luxury apartments built in the city’s Dhanmondi, Banani, Baridhara, Bashundhara, Niketon, Uttara, and Nikunja areas are being sold almost every day. None of these apartments are priced below BDT 30-50 million.

If we make a surveillance on city’s gold stores such as Apon Jewelers, Gitanjali, Amin Jewelers, Venus Jewelers, Hira Jewelers and many other gold-ornament shops and super-luxury diamond stores such as ‘Diamond World’, we shall be astonished to know, daily sales of these stores are above BDT 3-10 million.

We shall also become surprised if daily proceeds in posh restaurants, fast food shops, clubs and hotels are monitored. In each of these places, we shall find dozens of extremely wealthy people – most of whom are black money holders.

There are more than a dozen foreign female artists in a TV channel in Dhaka city, whose monthly salary is more than BDT 10-20 million.  Owner of that channel brought porn-star Sunny Leone by paying her at least BDT 50-60 million to perform in a wedding ceremony. No one ever asked – how these payments were and are being made.

The godfather of the casino scam is now out of jail. We hear whispers stating he is once again hoping for getting an important position in the youth front of the ruling party. A major business conglomerate has succeeded in getting a position in the billionaires list in Singapore. A huge amount of money is lost every month in the quick rental power plant trap.

While the country currently is facing challenges mainly due to the Ukraine war and global economic recessions, some ministers of the government are continuing to talk incoherently. Such statements are confusing locals and even the international community. Some of the important figures in the government are surprisingly participating in propaganda outlets runs by anti-Bangladesh cyber terrorists. Recently we have identified one such propaganda show run by a female cyber terrorist named Hasina Akhtar, where a sitting MP of the ruling party had participated. While it is our common task to make effective efforts in countering vile propaganda of those anti-Bangladesh cyber terrorists, it is a matter of gravest concern as to why ruling party leaders and even MPs are showing enthusiasm in participating in anti-Bangladesh and anti-Awami League propaganda ventures of the identified cyber terrorists.

Almost all those who have become owners of TV channels and newspapers during the fourteen years of Awami League rule are now leaning towards the opposition camp. Dozens of YouTube channels are running terrible propaganda against Bangladesh, Bangabandhu, Prime Minister Sheikh Hasina, members of Bangabandhu’s family and the ruling Awami League. Sitting in West Bengal, a mullah is showing extreme audacity of uttering unpardonable words against Bangabandhu Sheikh Mujibur Rahman, Bangamata Sheikh Fazilatunnesa, Prime Minister Sheikh Hasina and Bangladesh in the name of Islamic Waj.

Looking into the contents of local TV channels, it seems that they are busy with the mission of portraying a terrible picture of the country’s economy. Is there anyone to prevent such heinous acts?

In its 2018 election manifesto, Awami League had pledged to adopt a ‘zero tolerance’ policy against corruption. Then in 2019, the government started implementing this ‘zero tolerance’ policy by arresting Jubo League’s influential ‘casino godfather’ Ismail Chowdhury Samrat and his followers, which had got tremendous appreciation from the people. But the arrest operation was surprisingly stopped within a few days.

During the rule of the coalition government of Bangladesh Nationalist Party (BNP) and Jamaat-e-Islami, Bangladesh has topped the list of most-corrupt countries for three consecutive times. The post January 11, 2007 interim government had salvaged Bangladesh from this humiliating situation by initiating tougher actions against corruption. Here again, this anti-corruption drive suddenly got stalled..

In September 2022, citing Bangladesh Police’s Criminal Investigation Department (CID), news came out in the local and international media stating US$ 8.50 billion are being smuggled out of the country only through the Hundi process. These smuggled amounts are being deposited in secret bank accounts abroad. If we add the amounts of over-invoicing in import and under-invoicing in export, the total amount of cash being smuggled-out of the country would cross US$15-16 billion. Moreover, a large number of corrupt individuals are storing cash foreign currency, gold bars, gold biscuits etcetera at their homes or “safe places”. According to preliminary assessment, the amount of secretly stored foreign exchange and gold inside the country would cross US$ 5-6 billion. Undoubtedly, there are several highly-influential individuals who also are committing such crimes. Considering such realities, unless the government takes immediate steps of countrywide drastic drive against corruption and black money, our economy may continue to suffer.

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