BD's export may face pressure for Brexit

Though the existing market facility will remain unhurt for the next two years, Bangladesh's export to the United Kingdom may face pressure 'to some extent' as Britain voted to leave the European Union (EU). "It's a comfort zone for us that there'll be no change in terms of market facilities in the next two year," economist Dr Khondaker Golam Moazzem told media on Friday. Dr Moazzem, however, thinks Bangladesh's export may fall under a bit pressure due to internal changes in Britain although market facilities will continue as usual. "We've been witnessing a good number of changes within Britain (financial market) including shares and pound plunged on leave vote," explained the additional research director of the Centre for Policy Dialogue (CPD).
The London stock market plunged in the wake of the UK's referendum vote to leave the EU. Banks were also hard hit, with Barclays and RBS falling about 30 percent.Earlier, the pound fell dramatically as the referendum outcome emerged. At one stage, it hit $1.3236, a fall of more than 10 percent and a low not seen since 1985.Dr Moazzem said if the 'volatility' continues in Britain's internal economy, such situation may discourage import in Britain. "In that case, there might be an impact on Bangladesh's export."Former caretaker government adviser Dr AB Mirza Azizul Islam also said Bangladesh's export might be affected to some extent."If the value of both British pound and Euro falls, there'll be a negative impact on Bangladesh's export," he told UNB.

-UNB, Dhaka