Make timely payment against LC bills : BB

The central bank in a circular asked all scheduled banks Wednesday to make timely payment against letters of credit (LC) bills. There has been allegation that some banks are making unusual delay in making payment against the LC bills which is tarnishing image of the country's banking system. The circular also mentioned that the inordinate delay also results in interest charge on LCs and additional cost for confirmation by foreign banks which increases import cost.  "Such irregularities raise import cost which directly affects commodity price and goes against people's interest," the circular noted.     —FE Report