Despite an overall improvement in foreign currency stocks, some state-run banks and Shariah-based lenders are not making import payments on time, prompting the central bank to issue a notice and warn of punitive actions against bank officials.
The previously fixed 360-day usance period ended today
In the face of falling foreign exchange reserves, Bangladesh Bank yesterday instructed banks to take up to 75 per cent of import payments in advance from businesses to open letters of credit (LCs) for luxury and non-essential goods.
Despite an overall improvement in foreign currency stocks, some state-run banks and Shariah-based lenders are not making import payments on time, prompting the central bank to issue a notice and warn of punitive actions against bank officials.
The previously fixed 360-day usance period ended today
In the face of falling foreign exchange reserves, Bangladesh Bank yesterday instructed banks to take up to 75 per cent of import payments in advance from businesses to open letters of credit (LCs) for luxury and non-essential goods.
