BB branch offices asked to hold meetings of banks-trade bodies

FE Team | Published: October 26, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
The Bangladesh Bank (BB) Thursday asked its seven branch offices to arrange meetings with the commercial banks and local trade bodies aiming to increase competition in import through encouraging small importers.
The central bank took the move in line with the Chief Adviser's suggestions that will help to increase the number of small importers across the country.
"We have asked our branch offices to take necessary measures for arranging meetings with the banks and local trade bodies to encourage importers particularly the smaller ones," a BB senior official told the FE Thursday.
He also said the central bank will assign senior officials to attend such meetings after receiving schedule from branch offices.
Chief Adviser (CA) Fakhruddin Ahmed wrote a letter to the Bangladesh Bank Governor Salehuddin Ahmed recently in the light of the dialogue held between the top brass of the government and business leaders on September 05 last, official sources said.
Fakhruddin, who was the immediate past governor of the central bank also suggested the BB for taking measures to increase competition in import through organising smaller importers across the country.
"It may be useful if the BB, banks and trade association representatives work together both at Dhaka and other towns, particularly where the BB has branches," the CA said in his letter.
Meanwhile, the overall trend of opening of letters of credit (LCs) against imports declined by 9.79 per cent during first 18-day of October, 2007 against first 19-day of the same month of last year.
The import LCs worth US$ 898.81 million were opened during the period as against $996.35 million of the corresponding period of the last year, according to the central bank statistics, released Wednesday.
"The trend of opening of fresh LCs against imports normally declined slightly after the holy Ramadan," a BB senior official told the FE, adding that the LC opening is expected to rise shortly.