Commerce Minister Muhammad Faruk Khan M.P. appreciated the role of ICC Bangladesh in making the efforts and organizing a Dialogue on Foreign Exchange Regulations to get it updated. He assured to take up the recommendations with the highest authority of the country immediately. He said that he would support the recommendations of the dialogue in order to expedite and make it user friendly. Commerce Minister told these in a Dialogue on New Foreign Exchange Regulations to facilitate trade and investment organized by International Chamber of Commerce-Bangladesh on Saturday, March 05. He was speaking the Dialogue as the Chief Guest.

In the Dialogue ICCB President Mahbubur Rahman, in his welcome address said that in the present context of free market economy world over, it is essential to have the Foreign Exchange Regulations Act prepared in such a way that it is more users friendly and helps in the growth and development of economy and at the same time ensure protecting drainage of foreign exchange from the country. Guidelines for Foreign Exchange Transactions (GFET)-2009, issued by Bangladesh Bank have still some grey areas, which require clarifications/ specific directions of Bangladesh Bank, he added.

ICC Bangladesh President further said that Bangladesh has a much liberalized foreign exchange rules for foreign investors. But, there is all kinds of restrictions for local investors, except banks, having expertise in their respective filed of operations (RMG, pharmaceuticals, leather, agriculture, agro based industries) to invest in a third country. As a result we are loosing the prospect of earning foreign exchange. So provision should be there in the Act to allow Bangladeshi investors to invest in a third country to set up industries/offices/branches for expansion of their business.

He also observed that the Bangladeshi people are not allowed to transfer their money through online channels, abiding by the foreign exchange rules, whereas our neighboring country allow their nationals to transfer their fund through online channels under its foreign exchange Act. So, this sector must be addressed in the revised Act.

Mamun Rashid, Chairman of the ICCB Standing Committee on Banking Technique and Practices presented the keynote paper. In his presentation he explained the need of the regeneration of FERA and FX Guidelines and put forward a number of suggested revisions.

SAARC Chamber President Mr. Annisul Huq and MCCI President Major General (Retd) Amjad Khan Chowdhury took part in the Dialogue as Panelists. Among others Mr. Fazlul Haque, Former President, BKMEA, Dr. Zahid Hussain from World Bank, Mr. Abul Kashem Khan, Former President DCCI, Mr. Helal Ahmed Chowdhury, Managing Director, Pubali Bank, Mr. M. A. Mazid, Former Chairman, NBR, Dr. Toufique Ali, CEO of Bangladesh International Arbitration Centre and renowned lawyer Bar. Rafique ul Hoque participated the Dialogue as discussants. A large number of business leaders, MDs/CEOs of banks and corporate bodies, senior officials of banks and financial institutions also participated.