BB rejects media reports on crisis in LC opening

Bangladesh Bank (BB) has rejected some media reports that there is a serious crisis in opening import LCs for daily essentials ahead of Ramadan.

Executive Director and spokesperson of BB Mezbaul Haque told a press conference on Thursday that those reports published in different media outlets in reference to business leaders were not true.

Earlier, the traders complained that they were unable to open the LCs to import daily essential goods for the upcoming fasting month of Ramadan.

However, the central bank has claimed that it was not correct. Due to the high demand of oil, sugar, chickpeas, onions and dates during Ramadan, sufficient LCs have been opened for the imports of these products, Mezbaul said.

“If all concerned work together, there will be no shortage of essential goods in Ramadan. It is also claimed that more LCs have been opened this year compared to January last year,” he added.

The BB spokesperson said that the demand for oil, sugar, chickpeas, onions and dates rises significantly during Ramadan. And to keep the market normal, Bangladesh Bank is providing all kinds of cooperation to import these products.

But if any bank has a problem with opening LC with a single customer, that is their own issue, it is not the overall scenario, he said.