Export data to be reconciled soon: Salehuddin

Adviser to the interim government on the Ministries of Finance and Commerce, Salehuddin Ahmed on Monday said that the export data would be reconciled soon while a projection would also be made after setting the target for export earnings.

“We’ve discussed a wide range of issues including export data as there were something between the export data of EPB and ASYCUDA (NBR). I’ve asked them (EPB) to reconcile finally the export data and it will be done as soon as possible. I’ve also asked them (EPB) to make a projection,” he told the reporters at his ministry on Monday.

Salehuddin, also the adviser to the interim government on the Ministry of Science and Technology, said that the board meeting of the EPB would be held soon where all things would be finalised.

He informed that the EPB officials are working on finalising the export target and data reconciliation while all issues are likely to be approved there at the board meeting.

Salehuddin said that there was a gap between the export data of the Bangladesh Bank and the Automated System for Customs Data (ASYCUDA) of the NBR while the final data is being reconciled.

On 3 July, the Bangladesh Bank (BB) released data of the Balance of Payments (BoP) for July-April period of fiscal year 2023-24. It used draft reconciled export data, which showed the country's exports were nearly $14 billion below the figure reported earlier by the Export Promotion Bureau (EPB).

 It showed that exports fell 6.8 percent during the July-April period although the EPB initially reported 3.93 per cent growth.

Asked whether the reconciled export would put any impact on the GDP calculation, the Adviser said that the GDP calculation is usually based on production method where some 19 sectors are associated.

“So, hopefully, it will put no such impact on GDP …details can be informed later and you can also know about it later,” he added.

Replying to another question on the possible government measures about the torn and dilapidated currency and bank notes especially denomination of Tk 10, Tk 5 and Tk 20, he said that it often happens as the countrymen quite often tend to mishandle their notes.

But, such mishandle of notes is not seen worldwide in case of the circulation of US Dollars, he cited.

The former central bank governor said that he would raise the issue with the incumbent central bank Governor as old currency and bank notes could not be replaced right now unless the new notes are in place.

Responding to a question, he said that the present interim government has been acting promptly in various fronts as the provision for whitening black money has been repealed by the council of advisers recently.

Besides, he said the central bank Governor has also been reconstituting various Boards of the banks to infuse dynamism in those.

Replying to another question, Salehuddin said the Planning Adviser would do all necessary things to revise the ADP where the ERD would extend all cooperation.

He, however, said that the national budget would be revised and definitely be rationalized through annexing unnecessary expenditure.

Asked whether such exercise would take place in this month or before the annual meetings of the World Bank and IMF Group, the Finance Adviser denied to make further comments.

Commerce Secretary Md Selim Uddin, EPB vice-chairman Md Anwar Hossain and other senior officials were present, among others, at the meeting.