'Cash transactions worth Tk 10,000 crore took place in white stone business'

Bangladesh’s economy continues to grapple with significant corruption and challenges, with nearly Tk 10,000 crore in cash transactions reported in the white stone business alone, according to A.K. Enamul Haque, Director General of the Bangladesh Institute of Development Studies (BIDS).

Speaking at a discussion on the country’s six-month economic outlook held at the Dhaka Chamber of Commerce on Sunday, Enamul Haque highlighted the persistence of large-scale cash dealings outside the formal banking sector. He noted that bribery, ranging between 10 to 20 percent, has become a common feature of daily transactions, hampering economic transparency and growth.

Manzur Hossain, Secretary of the General Economics Division at the Planning Commission, pointed out that while inflation has eased slightly after a period of upward pressure, Bangladesh’s foreign currency reserves of approximately $30 billion have placed the country in a relatively strong position. However, he cautioned that despite effective inflation control measures by Bangladesh Bank, overall economic growth has slowed.

Taskin Ahmed, President of the Dhaka Chamber of Commerce and Industries (DCCI), drew attention to a 3.09 percent decline in export earnings over the past six months, contrasted with a 46.8 percent rise in imports. He further stressed that the prevailing high interest rate of 12.5 percent continues to be a major barrier to investment.

The discussion underscored urgent concerns about liquidity outside the banking system, high borrowing costs, and persistent corruption, all of which pose risks to Bangladesh’s economic development in the near term.