Government to control imports of luxury goods

Finance Minister AHM Mustafa Kamal has said that import of luxury goods will be controlled as part of tightening the belt. 

“But import of non-essential commodities will be controlled in public or private sector”, he said while briefing reporters after the two consecutive meetings of the Cabinet Committee on Economic Affairs and Cabinet Committee on Public Purchase on Wednesday. 

He said Bangladesh Bank always controls the import of some unnecessary items. But there won’t be any restriction on the consumer goods which are necessary for people and essential as part of project implementation.  

Kamal said this in responding to a question whether Bangladesh Bank will take more measures to control imports to avoid any unwanted situation like Sri Lanka or Nepal. 

Many economists expressed concerns over Bangladesh’s growing foreign debts while Bangladesh Bank also imposed some restrictions on import of some items. 

The finance minister said both imports and exports have increased. But always imports are higher than exports. Exports cannot overtake imports in our country, he observed. 

“Some imports are directly related with projects which we have to allow. Some imports must be controlled as those are not always open”, he said.

He said as internal vulnerability exists, these luxury items will be controlled. 

“If the situation becomes normal, then we will allow import of these items”, he opined. 

Referring to a report of the World Bank the finance minister said globally the market prices have gone up by 38 percent while price of beef has increased by 35 percent, chicken by 55 percent, soya bean oils by 35 percent, tea by 13 percent, TSP fertiliser by 65 percent and urea fertiliser by 135 percent. 

So, we have to take coordinated measures to control the market, said Kamal.