One of the most discussed economic issues in Bangladesh at present is the dollar crisis. The dollar is currently under pressure in all areas, including import-export, remittance, and foreign debt repayment. This crisis is not only slowing down the economy, but is also having a major impact on the lives of the common man.
When looking for the root cause of this dollar crisis, several factors come to the fore. First, there has been a stagnation in export earnings. Although there is some stability in the ready-made garment sector, other sectors are not doing so well. Second, irregularities in remittances and the influence of hundi are still strong. Many expatriates are not sending money through banking channels, as a result, foreign exchange reserves are not increasing.
On the other hand, excessive spending in the import sector, delays in bill payments, and pressure to sell dollars from the central bank's reserves have created instability in the entire system. The reserves, which were once worth $48 billion, have now come down to almost half.
In this situation, the common man is also not immune to its effects. Due to the dollar crisis, the prices of import-dependent goods have increased, such as medicines, electronics, fuel and car parts. Traders are reducing imports due to lack of dollars, which is causing a rise in commodity prices in the market.
However, opportunities can be created even in the midst of this crisis if the government and traders take some practical steps.
Diversifying the export sector, focusing on exporting IT, agricultural and pharmaceutical products instead of relying only on garments. Increasing incentives to bring in expatriate income and taking strict steps to control hundi. Developing import-substituting industries to increase local production. Increasing transparency in the financial sector and creating an environment for foreign investment.
Many say that this crisis is actually a warning for Bangladesh, explaining how dependent we have become on imports. If the right plans and policies are formulated, this crisis can turn into a new opportunity.
There is still economic instability around the world. The Russia-Ukraine war, tensions in the Middle East, and rising fuel prices are also affecting Bangladesh. However, our economy has not completely collapsed yet. Although the purchasing power of the people has decreased somewhat, the productive sectors have survived, which shows a ray of hope.
Finally, it can be said that the dollar crisis is both a big challenge for us and an opportunity for change. If we can take the right steps now, Bangladesh will be able to build a stronger economic foundation in the future. Where exports and local production, not imports, will be the main driving force of the economy.
