The Bangladesh Bank (BB) has imposed restrictions on luxury items and reset the letter of credit (LC) margin at 100 per cent for importing non-essential products in order to offset the rising import costs and stave off pressure on forex reserve.
The LC margin was fixed for expensive cars, cosmetics, gold ornaments, ready-made garments, household electrical appliances, beverages and a number of other products, BB issued a circular in this regard on Monday night.
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The circular stated that, from now on, in case of import of luxury goods, the importers will have to deposit the full import price of the goods in the bank.
Besides, banks will not be able to give any kind of loan for the import of these products.
ALSO READ: LC margin reset at 25%
Earlier BB imposed 75 per cent LC margin for import of luxury motor vehicles. Besides, National Board of Revenue (NBR) imposed regulatory duty on the import of flowers, furniture and foods to save dollars.
