BB asks banks to remain alert over import-export mismatch

FT ONLINE

Bangladesh Bank (BB) governor Fazle Kabir on Saturday called the public and private commercial banks to remain alert over the growing mismatch in the growth of import and export.

He indicated that such trend would create scope of money laundering and thus damage financial institutions and economy as a whole.

The central bank governor issued the warning while speaking as chief guest at a conference on Anti Money Laundering and Combating Financing of Terrorism at a city hotel.

He said the import grew by 25 per cent over the last six months while the export rose by hardly 6.0 per cent.

'If the import of industrial raw materials rises then the export will have to increase in a similar way," he said.

The BB governor urged the banks to remain cautious to the matter, which could have negative impact on the country's financial system.