BB tightens monitoring to bar unnecessary import

The Bangladesh Bank (BB) has tightened its monitoring for opening letters of credit (LCs) to bar unnecessary imports, aiming to reduce the ongoing pressure on the foreign exchange reserve.

As part of the move, the central bank on Thursday asked authorized dealers (Ads) banks to submit import-related information to the Bangladesh Bank Online Import Monitoring System (OIMS), 24 hours prior to opening letters of credit (LCs) based on proforma invoices or purchase contracts.

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The BB said that the reporting requirement for the said transactions will be for import value of $5 million and above or its equivalent, excluding imports by the government.

Ads shall finalize the report on completion of opening of the relative LCs, as per the BB notice issued on the day.