Importers opened a lower volume of letters of credits (LCs) in July-April for the purchase of essential commodities such as rice, wheat, sugar, crude edible oil as well as raw materials and machinery key to the industrial sector, figures from the central bank showed.
On the other hand, the LC opening for pulses, spices, coal and petroleum products went up in the first 10 months of 2022-23, according to the monthly update of various economic indicators.
Overall, the opening and settlement of LCs fell 26.80 per cent and 8.15 per cent year-on-year in July-April owing to import controls enforced by the government and the central bank with a view to stopping the erosion of the foreign currency reserves.
Market news summary. Unilink shares news that affects importers and exporters in Bangladesh; this post summarises a published news report.
