A Supreme Court lawyer served the notice in response to the recent US sanctions against RAB officials, suggesting that Bangladesh patronize different currencies such as the GBP, EURO, RMB, INR for foreign transactions

The Bangladesh Bank governor has been served a legal notice, alongside the finance and the foreign affairs secretaries, asking that Bangladesh deposit its foreign exchange reserves with banks other than American ones to avoid sanctions.

Necessary steps should be taken to secure the reserves by transferring those from the US Federal Reserve to any other “secure” country or countries, read the legal notice issued by Supreme Court lawyer Md Mahmudul Hasan on Monday.

Furthermore, the authorities have been advised to avoid the use of USD as the sole currency for the country’s foreign transactions, and asked to take the necessary steps within 30 days from the date of receiving the notice.

Otherwise, a writ petition will be filed with the High Court against the notice respondents, the notice further reads.

The lawyer made these demands in response to the recent US sanctions on Rapid Action Battalion (RAB) officials for alleged human rights violations.

Terming the sanctions as a “matter of international politics and conspiracy,” the notice said that in the near future, Bangladesh’s foreign reserves deposited in the US Federal Reserve Bank might be blocked or frozen.

So, as a preventive measure, it is important to secure the forex reserves of Bangladesh; otherwise, the people of Bangladesh may have to suffer irreparable loss and suffering, the notice adds.

The notice suggested that Bangladesh avoid the US dollar as the sole currency of foreign transactions. “The notice receivers should patronize different currencies such as GBP, EURO, RMB, INR for our foreign transactions and also maintain sufficient reserve of gold,” it argues.

But Bangladesh should maintain a minimum amount of foreign reserve in the US Federal Reserve Bank to continue regular commercial activities.

According to data by the Bangladesh Bank, the reserves stood at $45.80 billion as of Tuesday.

Moreover, Bangladeshis working abroad are expected to send huge sums of money back home over the next three fiscal years, helping the country’s foreign currency reserve hit $53.99 billion by mid-FY24.

The government projects over a 12% increase, on average, in the inflow of remittance — the key driver of the country’s more than $409 billion economy — over the next three fiscal years, including the current one.

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