The country’s import increased by 20.05 per cent in December last year ahead of the national elections held on January 5 this year compared with that of 2.30 per cent growth in the corresponding month of 2012. According to the Bangladesh Bank data, the overall settlement of letters of credit, generally known as actual import, stood at $3.05 billion in December last year. The figure was $2.54 billion in December 2012 and $2.48 billion in December 2011.
A BB official told New Age on Monday that huge amount of import particularly of capital machinery had raised a suspicion that money laundering might have occurred behind the scene in recent months.
The volume of import had increased gradually since the beginning of the current fiscal year 2013-14, but it jumped in December 2013.
‘Money laundering usually increases before the general elections. The 10th parliamentary polls were held on January 5 this year. So we suspect that huge amount of money was laundered in December last year. There was no logical cause of increase in the import of capital machinery in December as the month faced severe political unrest.’
The import of capital machinery had plunged in the FY13 but it increased in the recent months of this financial year despite having an unfriendly business environment in the country amid political unrest, he said.
The BB data showed that the import of capital machinery increased by 101.36 per cent to $201.87 million in December from $100.25 million in the corresponding month of 2012.
The central bank has taken a decision to raise the issue in the next bankers’ meeting so that the scheduled banks can take precautionary measures to check money laundering, the official said.
The import of food grains, edible oil and chemical fertilisers also increased remarkably in December last year, pushing up the country’s overall import in the period.
The settlement of LCs for rice stood at $12.41 million in December last year against $0.28 million during the same month of 2012, the BB data showed.
The settlement of LCs for wheat also increased to $57.64 million in December from $50.52 million in the corresponding month of 2012.
The import of rice increased gradually in the recent months due mainly to lower prices of the essential commodity in the international market, the BB official said.
Besides, the price of rice increased in the local market in the last few months which encouraged the businessmen to import the commodity more, he said.
LC settlements in December for edible oil and chemical products were worth $50.79 million and $264.91 million respectively against $47.90 million and $175.18 million in December 2012.
The BB data showed that opening of LCs against imports, generally known as import orders, increased by 21.67 per cent in December compared with that of 12.48 per cent growth in the corresponding month of 2012.
In December last year, LCs worth $3.43 billion were opened by the banks. LCs worth $2.82 billion were opened in December 2012 and $2.50 billion in December 2011.
-With New Age input
