LC crises damaging businesses

In a disquieting development, companies across various industries are grappling with import-related challenges, as the Bangladesh government imposes restrictions on issuing Letters of Credit (LC). The inability to secure LCs has left businesses unable to import essential products, delaying their operations and impacting supply chains.
This issue underscores the importance of smooth international trade processes and the need for an immediate resolution to alleviate the strain on businesses. As companies navigate these uncertain times, a collaboration between the government authorities and businesses becomes crucial to finding a viable solution and ensuring the resumption of seamless import activities.
"We have been facing problems regarding opening LCs for the last two months. It is hampering the supply chain. As a result, the production for domestic and export-oriented markets is being hampered," said Eleash Mridha, managing director of Pran Group, Bangladesh's largest agro-processor and exporter.

Ayasha Siddika, Department of Marketing, North South University