The central bank has warned seven banks as unsettled import payments reached an all-time high of US$ 39 billion until August 31 this year, officials said.
The country's overall import outstanding shot up by more than 64 per cent or $15.46 billion to $39.58 billion as on August 2018 from $24.12 billion the year before, according to the central bank's latest statistics.
Of the total, the government opened letters of credit (LCs) for importing equipment including capital machinery for the implementation of mega projects worth $14.54 billion, which would be settled by overseas loans and grant.
The remaining $25.05 billion import payment obligations will be met by cash US dollar, the official data showed.
Senior bankers, however, said the country's foreign exchange market will face pressure if the outstanding LCs are settled on maturity.
"The opening of LCs for different mega projects including the Rooppur Nuclear Power Plant (NPP) has pushed up the amount of LCs outstanding," a senior official of the Bangladesh Bank (BB) told the FE.
Currently, the government is implementing nine projects under a Fast Track Project Monitoring Committee, headed by Prime Minister Sheikh Hasina, for its quick implementation.
Bangladesh's overall import orders recorded an all-time high of $16.10 billion in a single month of November 2017.
And LC for a large amount was opened for setting up Rooppur plant.
State-run Bangladesh Atomic Energy Commission (BAEC) opened the LC worth $ 11.38 billion through the state-owned Sonali Bank Limited to import different items, including capital machinery.
The settlement of Rooppur import has already started, which may increase gradually in the coming months, the BB official added.
"Such settlements will help squeeze the figure of total import outstanding gradually," the central banker said.
As per the banks' commitments, $19.45 billion LCs outstanding should be settled over the next six months, the central banker said.
"We've already strengthened our monitoring and supervision to reduce the figures of LCs outstanding in the coming months," another BB official told the FE.
Meanwhile, the central bank has issued warning against seven commercial banks, asking them to expedite settlement process of their import payment obligations.
Three state-owned commercial banks (SoCBs) along with an identical number of private commercial banks (PCBs) were included in the waning list.
A foreign commercial bank is also on the list.
Talking to the FE, a senior executive of a leading commercial bank said the overall trade deficit may widen further if the import payment obligations are met on maturities.
"Higher trade deficit may widen further the country's negative balance of payments (BoP) in the near future," the senior banker explained.
Bangladesh's trade deficit with the rest of the world rose to $18.26 billion during the fiscal year (FY), 2017-18, from $9.47 billion a year ago as import grew faster than exports.
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