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Multi-currency exchange rate can lessen exporters' earnings losses

Star Business Report
Bangladesh lost $380 million on its exports last fiscal year due to fluctuations in the dollar and euro, an expert said yesterday.
The country exported $33 billion of goods in fiscal 2014-15 and could have saved $350 million had it adopted a multi-currency exchange rate developed by Danish firm Global Currency Union, said Jesper Toft, the company's chief executive officer.
Toft's comments came at a seminar at the headquarters of Bangladesh Garment Manufacturers and Exporters Association.
Multi-currency exchange rate is a system that allows importers and exporters of any country to use any suitable currency in international trade. Generally, the US dollar is the most widely used currency for payment settlement in international trade.
Conceptualised in 2008, the multicurrency exchange rate is still at discussion levels. Until now, no country has adopted the regime. "We are creating awareness among stakeholders," Toft said.
In Bangladesh, GCU is in negotiations with the central bank and the BGMEA to introduce the system.
BGMEA President Atiqul Islam said the taka appreciated 1.45 percent against the greenback last year, due to which the export earnings was lower than it should have been.
At the same time, the currencies of some competing countries like the Indian rupee devalued 4.73 percent against the dollar, the Pakistani rupee by 3.12 percent and
Vietnamese dong by 1.3 percent, according to the BGMEA president.
"So, we are losing our competitiveness -- the profit level in the garment business has gone down so much that we negotiate in cents."
Subsequently, Islam urged Bangladesh Bank to form a taskforce to address the issues over the currency exchange rates so that the country does not suffer.
M Abul Kashem, deputy governor of BB, said the concept of a multi-currency exchange rate is the concern of the importers and exporters.
“If they agree, we can introduce it in the country. But we always work for stability in the currency market," he said, adding that research will be conducted in this regard soon.
Alamgir Morshed, head of financial markets of Standard Chartered Bangladesh, said hedging in international trade can effectively address the currency exchange risks. BGMEA Adviser Mamun Rashid moderated the function.