Late L/C payments are not helping economy

There is a regrettable practice that private or state banks do not release funds of the letter of credit (L/C) in due time. Businesspeople are hardly sure that they will be getting their payments from local banks in time and because of this, the banks are losing their reputation. Experience says that L/C payments are delayed by a month or even more and such practice has created a frustrating situation. The Bangladesh Bank should strictly monitor the payment so that businesspeople are not harassed while receiving the L/C. However, payment by the international banks is regular and businessmen do not face a problem whenever they go to collect L/C payment. The uncaring attitude of some local banks is creating barriers to doing business smoothly and it is expected that the situation would be corrected.

Mohammad Sohel Hara

Banasree, Dhaka