The settlement of LC (letter of credit), known as actual import payment, slightly fell in September compared to the same month of the previous year.
The LC settlements stood at $6 billion in September, down by 1.54 per cent or $6.10 billion recorded in the same month in 2021, as per the latest data from the Bangladesh Bank.
The LC settlements in September, however, fell 17.99 per cent compared to the previous month. The figure was $7.32 billion in August.
The government and the Bangladesh Bank have introduced several policy changes to ease the pressure on the country’s foreign exchange reserves.
In August, the government increased the duty and taxes on 300 non-essential and luxury items such as SUVs, mobile phones and home appliances.
Before that move, the banking regulator in July asked banks to submit reports on all types of foreign exchange transactions, including those of offshore banking operations.
On May 10 this year, the central bank toughened its rules for luxury item imports.
A day later, the government decided to stop foreign trips of its officials and postponed the implementation of less important projects that require imports.
