Banks asked to give info on import LCs of 13 items
Thursday, 4 February 2010
FE Report
Bangladesh Bank has asked the commercial banks to provide information on opening and settlement of import LCs (letters of credit) of 13 essential commodities on weekly basis for better monitoring.
"We've asked the banks to furnish such information in line with the government's requirements," a senior official of the Bangladesh Bank (BB) told the FE Wednesday.
The commerce ministry has taken the latest move aiming to curb inflationary pressures on the economy by reining in soaring prices of essentials, particularly food items.
The essentials, which will come under new monitoring system, are rice, wheat, sugar, soybean oil, palm oil, gram, onion, lentil, garlic, ginger, salt, egg and potato.
The central bank issued a directive in this connection Wednesday and asked the chief executives and managing directors of all commercial banks to provide such information regularly on time.
Under the new provisions, the commercial banks will have to provide the number, quantity and value of both opening and settlement of import LCs to the central bank on a prescribed form.
Bangladesh Bank has asked the commercial banks to provide information on opening and settlement of import LCs (letters of credit) of 13 essential commodities on weekly basis for better monitoring.
"We've asked the banks to furnish such information in line with the government's requirements," a senior official of the Bangladesh Bank (BB) told the FE Wednesday.
The commerce ministry has taken the latest move aiming to curb inflationary pressures on the economy by reining in soaring prices of essentials, particularly food items.
The essentials, which will come under new monitoring system, are rice, wheat, sugar, soybean oil, palm oil, gram, onion, lentil, garlic, ginger, salt, egg and potato.
The central bank issued a directive in this connection Wednesday and asked the chief executives and managing directors of all commercial banks to provide such information regularly on time.
Under the new provisions, the commercial banks will have to provide the number, quantity and value of both opening and settlement of import LCs to the central bank on a prescribed form.