Import LC opening witnesses 23pc growth in QI
Friday, 12 October 2007
FE Report
Opening of fresh letters of credit (LCs) against imports have increased by 23.35 per cent during the first quarter (Q1) of the current fiscal against the corresponding period of the previous fiscal, official sources said.
The import LCs worth US$ 5.224 billion were opened during Q1 of the current fiscal as against $4.235 billion of the corresponding period of the previous fiscal, according to the Bangladesh Bank (BB) statistics, released Thursday.
Both opening and settlement of import LCs of some essential items including rice, wheat, milk food, edible oils, pulses and onion rose during the period to meet the domestic demand especially on the occasion of Ramadan.
"The trend of opening of fresh LCs against imports stood at a satisfactory level on the basis of overall economic performances," a BB senior official told the FE Thursday.
He also said the percentage of opening LCs against imports may decline marginally in the near future.
During the period, the opening of LCs for rice increased by $181.84 million in terms of value, for wheat by $202.09 million, for milk food by $18.83 million, for edible oils by $173.76 million, and for onion by $9.91 million, the BB's data showed.
On March 12 last, the central bank directed the commercial banks to promote businesses, particularly small and medium ones, for opening fresh LCs against imports to ensure adequate supply of essentials in the markets.
Opening of fresh letters of credit (LCs) against imports have increased by 23.35 per cent during the first quarter (Q1) of the current fiscal against the corresponding period of the previous fiscal, official sources said.
The import LCs worth US$ 5.224 billion were opened during Q1 of the current fiscal as against $4.235 billion of the corresponding period of the previous fiscal, according to the Bangladesh Bank (BB) statistics, released Thursday.
Both opening and settlement of import LCs of some essential items including rice, wheat, milk food, edible oils, pulses and onion rose during the period to meet the domestic demand especially on the occasion of Ramadan.
"The trend of opening of fresh LCs against imports stood at a satisfactory level on the basis of overall economic performances," a BB senior official told the FE Thursday.
He also said the percentage of opening LCs against imports may decline marginally in the near future.
During the period, the opening of LCs for rice increased by $181.84 million in terms of value, for wheat by $202.09 million, for milk food by $18.83 million, for edible oils by $173.76 million, and for onion by $9.91 million, the BB's data showed.
On March 12 last, the central bank directed the commercial banks to promote businesses, particularly small and medium ones, for opening fresh LCs against imports to ensure adequate supply of essentials in the markets.