Bangladesh Bank governor Abdur Rouf Talukder on Saturday said that the ongoing dollar crisis is not expected to last long as they will take measures to let the market dictate the greenback's exchange rate.
The central bank chief made the remarks while attending the Annual Banking Conference 2022 at the Bangladesh Institute of Bank Management (BIBM).
"This (dollar crisis) is a complex issue. We all have to be patient. The inflation that we are facing right now is import induced. Dollar prices depend on short-term inflow, remittance and exports, and outflow, imports. Prices remain stable when there's a balance between the two," he also said.
"I will be able to say more on this issue after two-three months," he added.
Asked about several banks profiting by overcharging dollars, the governor said that they were investigating the matter and declined to reveal further details.
But there is a difference between banks making profits and businesses making profits. They [banks] have to maintain many responsibilities and regulations, Talukder observed.
Speaking about the banking sector, he said: "Things are changing rapidly. The industry is facing fresh challenges in a critical environment attributed to the Covid-19 devastations and global macroeconomic instability.
"Encouraging sustainable banking for promoting sustainable growth became particularly crucial in this circumstance where adoption of technology became a necessity. With the evolution of technology, the entire industry has undergone a massive transformation that has changed the way financial procedures are carried out, and the way financial institutions operate."
“A good compliance culture can benefit banks in several ways by covering more adequately organizational and individual risk; better shielding reputational risk; confidence among employees while performing their jobs; help to attract and retain talent and ensuring employee engagement; improved transparency which enables better decisions; enhanced relationship with regulators and other stakeholders; and enhanced valuation of the entity among investors,” he added.
