Staff Reporter :
The Dhaka Chamber of Commerce and Industry (DCCI) on Wednesday called upon the authorities concerned to take effective measures to ensure cyber security in the Bangladesh Bank (BB) for the sake of country’s economy as well as restore image of the bank in global arena.
The trade body came up with the call after the cyber heist from BB’s foreign exchange reserve account with the US Federal Reserve Bank.
“Such an incident has raised serious concern over the multiplier economic impacts. It is likely to hit the Balance of Payment, repayment of external borrowing, downgrade the credit rating of Bangladesh and above all weakening the exchange rate and macro-economic slowdown,” it said in a statement.
The DCCI said, the foreign exchange reserve is likely to fall resulting currency devaluation and spending hike in import trade leading to wider negative balance of trade. Besides, import-led export growth trend will continue to decline having higher cost of doing business in international business, it opined.
On the other hand, central bank led range of dollar denominated investment schemes including EDF (Export Development Fund) in local market, higher local private sector lending target of monetary policy may be hampered above all plunging remittance inflow, added the trade body.
Against this reserve fiasco, the DCCI said: “We hope stern and high powered investigation will be carried out to get the fund reimbursed and restore the credence on Bangladesh Bank led financial sector in no time.”
DCCI urged all concerned authorities to restore the image and confidence of the central bank with due diligence to uphold the trust of local and foreign investors for the greater interest of country’s economy.
The Dhaka Chamber of Commerce and Industry (DCCI) on Wednesday called upon the authorities concerned to take effective measures to ensure cyber security in the Bangladesh Bank (BB) for the sake of country’s economy as well as restore image of the bank in global arena.
The trade body came up with the call after the cyber heist from BB’s foreign exchange reserve account with the US Federal Reserve Bank.
“Such an incident has raised serious concern over the multiplier economic impacts. It is likely to hit the Balance of Payment, repayment of external borrowing, downgrade the credit rating of Bangladesh and above all weakening the exchange rate and macro-economic slowdown,” it said in a statement.
The DCCI said, the foreign exchange reserve is likely to fall resulting currency devaluation and spending hike in import trade leading to wider negative balance of trade. Besides, import-led export growth trend will continue to decline having higher cost of doing business in international business, it opined.
On the other hand, central bank led range of dollar denominated investment schemes including EDF (Export Development Fund) in local market, higher local private sector lending target of monetary policy may be hampered above all plunging remittance inflow, added the trade body.
Against this reserve fiasco, the DCCI said: “We hope stern and high powered investigation will be carried out to get the fund reimbursed and restore the credence on Bangladesh Bank led financial sector in no time.”
DCCI urged all concerned authorities to restore the image and confidence of the central bank with due diligence to uphold the trust of local and foreign investors for the greater interest of country’s economy.
