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An exercise in inefficiency

  • Published at 12:03 am November 19th, 2019
Credit card
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Settling cross-boundary payment should not be a hassle

For a country to develop in an increasingly globalized world, it makes little sense for Bangladesh Bank to ask for online transaction authorization forms each time a credit card is used for an online transaction to prevent so-called illegitimate transactions.  

This move by the central bank makes little to no sense in an age where cashless transactions are becoming the norm and more citizens in our country are dependent on international transactions, whether shopping or earning a living.

Online transactions already have a $300 cap -- which is limiting enough for credit card users -- and this process should not be made even more inefficient by requiring a visit to the bank and filling up a needless form.

Settling cross-boundary payment should not be a hassle and Bangladesh Bank should be thinking of making things easy for people of this country, not harder. 

Nowhere in the world are such practices used for online foreign transactions and such a practice would be retrograde.

It is almost as if authorities have little to no idea of the burden of red tape that already exists in the Bangladeshi economy and that their decision adds more of the same speaks of a governing body that is completely out-of-touch with how the modern world functions. 

Not every crime can be solved by clamping down on the freedom of the citizens, as other more developed nations have shown.

Bangladesh Bank would do well to understand that.

This decision is one amongst many which highlights why Bangladesh is ranked so low in the ease of doing business index. 

We hope that this backward, progress-denying decision is reversed by the central bank and the bank focuses on making transactions easier for the people, not harder. 

Such a decision has no place in our economy, especially not in this day and age.