LC openings up 21.15pc in first 18 days of Sept
Monday, 29 September 2008
FE Report
Opening of letters of credit (LCs) for imports increased by 21.15 per cent during the first 18 days of September against the corresponding period of the previous year, officials said.
"The import of food grains including rice and pulses has significantly declined recently despite the overall import going up," a senior official of the Bangladesh Bank (BB) told the FE Sunday.
He also said the opening of LCs for essentials including edible oil will increase after the global market stabilises.
Import LCs worth US$ 1.362 billion were opened during the period as against $1.124 billion of the same period of last year, according to the central bank statistics, released Thursday.
The opening of import LCs of some essential items including sugar, wheat and onion rose during the period while rice, milk food, edible oil and pulses marked a fall, they added.
The BB's data showed that the opening of LCs for wheat increased by $53.05 million to $101.44 million in terms of value while sugar by $4.59 million to $9.79 million.
On the other hand, the opening of LCs for rice dropped by $49.47 million to $0.05 million in terms of value, for milk food by $0.55 million to $8.07 million, for pulses by $29.67 million to $1.84 million while edible oil by $71.04 million to $14.74 million during the period.
Bankers see the importers to be hesitant in importing essential commodities due to the declining trend in prices in the international market. As a result the import of essentials marked a fall in the recent months.
"Most of the importers, who are mainly import essential items, are now maintaining go-slow strategy due to a declining trend in prices of the essentials in the international market," a senior official of a private commercial bank (PCB) told the FE Sunday.
Opening of letters of credit (LCs) for imports increased by 21.15 per cent during the first 18 days of September against the corresponding period of the previous year, officials said.
"The import of food grains including rice and pulses has significantly declined recently despite the overall import going up," a senior official of the Bangladesh Bank (BB) told the FE Sunday.
He also said the opening of LCs for essentials including edible oil will increase after the global market stabilises.
Import LCs worth US$ 1.362 billion were opened during the period as against $1.124 billion of the same period of last year, according to the central bank statistics, released Thursday.
The opening of import LCs of some essential items including sugar, wheat and onion rose during the period while rice, milk food, edible oil and pulses marked a fall, they added.
The BB's data showed that the opening of LCs for wheat increased by $53.05 million to $101.44 million in terms of value while sugar by $4.59 million to $9.79 million.
On the other hand, the opening of LCs for rice dropped by $49.47 million to $0.05 million in terms of value, for milk food by $0.55 million to $8.07 million, for pulses by $29.67 million to $1.84 million while edible oil by $71.04 million to $14.74 million during the period.
Bankers see the importers to be hesitant in importing essential commodities due to the declining trend in prices in the international market. As a result the import of essentials marked a fall in the recent months.
"Most of the importers, who are mainly import essential items, are now maintaining go-slow strategy due to a declining trend in prices of the essentials in the international market," a senior official of a private commercial bank (PCB) told the FE Sunday.