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'Banks lack trained personnel to handle foreign trade'

By Staff Correspondent
Local banks do not have enough trained personnel to handle foreign trade related work.
This was observed yesterday by A T M Shamsul Huda. Secretary. Banking Division. Ministry of Finance, while inaugurating a two-day work shop on "Foreign Trade and Foreign Exchange" tn a local hotel
He noted that due to lack of such personnel the new garments exporters who had little knowledge about foreign trade, fell prey to the ploys of unscrupulous buyers abroad
Organised by the Standard Chartered Bank, the inaugural session of the workshop
was also addressed by Mah-bubur Rahman Khan. Deputy Governor. Bangladesh Bank. Geoff Williams, chief executive in Bangladesh for Stan dard Chartered Bank. Ma munur Rashki and S A A Mas rur of the Standard Chartered Bank.
A little knowledge on the laws, regulations, trade and maritime practices concern Ing foreign trade could save the emerging exporters from the losses, said Huda, adding that bank personnel should be trained to face professional risks.
The secretary said the reforms in the foreign exchange regime have thrust enormous responsibilities on
the commercial banks In Bangladesh to serve their clientele In a highly competitive environment and also to manage their own risks.
Dwelling on the role of the central bank in the foreign exchange regime. Huda said. Bangladesh Bank had responded to the needs for the commercial banks by eliminating the limit on foreign currency balances that the banks could retain abroad.
Describing the outcomes of the deregulations, the secretary pointed out that the dealing in the interbank foreign exchange market has increased substantially from one billion Us dollars in 1992-93 to 2.3 billion dollars in the last fiscal. During the current fiscal the volume of transaction is expected to reach six billion dollars, he added.
Mahbubur Rahman Khan pointed out that Bangladesh Bank has already liberalised the foreign exchange regime to compete In the open market. "But still we are lagging behind the neighbouring countries In this regard." Khan said adding that the bankers should keep themselves updated to sustain in the age of stiff competition.
He said the bank personnel working with foreign trade should be well equipped, more active and dynamic to finance foreign trade and to serve interest of the bank efficiently.