Crisis over LC opening would be normal soon: BB Governor

The leaders of Dhaka Chamber of Commerce and Industry (DCCI) urged Bangladesh Bank (BB) to supply adequate foreign currency in the settlement of LCs for an uninterrupted supply of essential commodities during the month of Ramadan.

The demand came from a meeting with Bangladesh Bank Governor Abdur Rouf Talukder while the newly elected Board of Directors of the DCCI made a courtesy call at his office on Wednesday. DCCI President Md Sameer Sattar led the team when they discussed various issues including the dollar crisis and smooth supply of essentials in the market.

The DCCI leaders told the Governor that public-private partnership is very important to tackle economic challenges.

In addition to this, Bangladesh Bank also needs to aim to assist commercial banks in providing sufficient foreign exchange for the settlement of the LCs to keep the uninterrupted supply of essentials during Ramadan.

The DCCI team also suggested ensuring good governance in controlling Non-Performing Loans by taking necessary reforms in the Banking Act, considering strict actions of loan recovery from the willful defaulters.

Governor Abdur Rauf Talukder said that the economy is currently facing three major challenges- the Russia-Ukraine war, an interest rate hike by the Federal Reserve Bank in the United States and the Covid-19 situation worsening in China.

He said that despite these challenges Bangladesh’s economy has remained quite stable.

He also indicated that the current situation of the LC opening will be normal within the next one or two months.

The central bank is working tirelessly to take several policy steps, including minimising the LC margin to ensure an uninterrupted supply of essentials during the upcoming Ramadan, the Governor said.

DCCI Senior Vice President SM Golam Faruk Alamgir Arman, Vice President Md. Junaed Ibna Ali and other members of the Board of Directors were also present at the meeting.