Rouf said a Bangladesh Bank investigation found that the country’s unusual import volume rose over $8 billion since beginning of this year. After looking into the matter and checking the imported goods, the imports fell to $5 billion, which is usual.

“We found in the investigation that some goods were imported with 20 per cent to 200 per cent over-invoicing. Import volume fell as we checked such incidents,” he said.

Bangladesh Bank is also working to check both under-invoicing and over-invoicing, to foreign exchange smuggling, and revenue earning, the Bangladesh Bank governor said.

There is restriction on LC opening, and the central bank is only looking into the LCs’ values and actual market value of goods, which will continue to check foreign exchange smuggling through hundi, he said. Planning minister MA Mannan was the chief guest at the programme. Principal secretary Ahmed Kaikaus, FBCCI president Md Jasim Uddin, ERD secretary Sharifa Khan, also spoke in the function.