Explaining the deletion of hundreds of billions of dollars from Bangladesh’s export earnings account Bangladesh Bank said the National Board of Revenue (NBR) and the Export Development Bureau (EPB) are responsible for the discrepancy as far as export data is concerned, explaining the deletion of hundreds of billions of dollars from Bangladesh’s export earnings accounts.
In the central bank’s verification system, an estimated $2,300 crore in 20 months in the last two fiscal years was found. Bangladesh Bank has explained this in an official letter to the government. The letter said that with this huge deficit, various financial statistics of the country have been reversed.
As exports fell, the current account shifted from surplus to deficit. And as the target of inflow of remittances fell against exports, the revenue sector turned from deficit to surplus.
In the letter, the central bank said, in a meeting, the representative of NBR had already informed about their observations. The representative of NBR there said that there are multiple export accounts for the export of the same product, which were newly inputted in the server.
Bangladesh Bank collects data on export earnings from Scheduled Bank branches. As a result there is not much difference between data and actual exports. Identifying the reason for the discrepancy between the export data collected by Bangladesh Bank and published by EPB, the regulator said, the same export data and HS code of the product were inputted multiple times.
Only manufacturing charges are to be paid for cutting, making and trimming of products. But EPB has accounted for all parts including clothes. EPB has sometimes also input the price of the sample product, which is not supposed to come as the price of the sample product.
Meanwhile, reports on this matter were recently published in various media of Bangladesh. According to the report, “Bangladesh Bank has corrected errors in export data of about 14 billion dollars. This amendment was necessary because it was an economic half-truth. Such half-truths are uncomfortable for the country’s economy.”
This information was revised last Wednesday (June 3) through the regular update of the balance of payments (BOP), the report said. Such amendments raise questions about the country’s economic performance and policies revolving around the economy.
Economists cannot find the answer to this sudden informational change; It is also said in the report. It is noted, “On the other hand, the authorities are almost silent, so now there are more questions than answers.