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The Bangladesh Bank on Sunday asked banks to make the opening of letters of credit easy for importing essential products to control prices and ensure supply of the items.
After a meeting of the BB with the Association of Bankers Bangladesh, BB spokesperson and executive director Md Mezbaul Haque told reporters that banks were asked to provide the maximum support for importing essential commodities, including edible oil, peas, lentil, onions, dates, other fruits and sugar.
He said that the meeting emphasised importing essential products in an easy way, and banks were asked to ensure making the LC opening easy.
He said that opening unnecessary LCs remained postponed.
The BB also suggested that banks should keep the margin at the minimum level in financing imports.
To increase remittance, the central bank is trying to check hundi.
‘It also gave incentives to expatriates. At the same time, the central bank is also checking over-invoicing and under-invoicing,’ Mezbaul said.
He said that it was high time for increasing food production considering the current economic crisis.
So, the BB asked banks to increase loan disbursement in the agricultural sector.
Asked about Islami Bank Bangladesh Limited, he said that the BB was assessing the bank’s loans and the clients’ deposits in the bank were completely secured.
Mezbaul also said that banks were also asked to ensure banking services for physically challenged persons.
Banks were also asked to launch banking apps friendly to physically challenged, he said.
Banks were asked not to harass people when they go for depositing money, he said.
He said that banks would not question sources of funds in the case of depositing up to Tk 10 lakh by clients.
The BB spokesperson also said that the central bank was trying to find out the place where hundi was in high demand.
About 90 per cent of the banks is collecting remittance at the set rate of Tk 107 a dollar, he said.
But some banks were giving more money for a dollar and the BB asked the banks to stop the practice, he said.
ABB chairman Selim RF Hussain said that the depositors started giving back money to banks after they had withdrawn it.
(NA)
