BAB leaders seek dollar support from BB for LC opening

The country’s banking sector leaders on Wednesday urged Bangladesh Bank’s Governor Abdur Rauf Talukder to resolve the ongoing dollar crisis in the market to facilitate LC opening by importers ahead of Ramadan.

Chairmen of 11 banks under the Bangladesh Association of Banks (BAB) joined a meeting with the Governor when they discussed how they can work together to deal with the crisis that is seriously hurting imports of both daily essential items and industrial raw materials.

Chairman of BAB and Exim Bank Nazrul Islam Majumder led the team.

After the meeting, BB spokesperson Mazbaul Haque said that the leaders of the BAB told the Governor that they could not open LCs due to dollar shortage.

He said that they urged to solve the problem immediately to ensure asmooth supply of essential goods during holy Ramadan. The leaders also sought dollar support for the imports of industrial raw materials, he said.

“Many banks are unable to open LCs due to the dollar crisis. So, if the traders cannot open LCs now, it will not be possible to import goods for Ramadan,” he said.

They fear that unscrupulous traders may increase prices of goods by showing a short supply of goods, the spokesperson said.