Bangladesh’s imports through the Benapole land port at Jessore in July have dropped to almost half, 44,322 tonnes to be exact, compared to 81,370 tonnes in the same period of the previous fiscal (FY ’22).
Media reports maintained this citing the Benapole customs authorities, according to whom, due to dollar crisis amidst depleting foreign exchange reserves, the Government raised the letter of credit (LC) margin to up to 100 per cent, which also discouraged imports greatly while also, reportedly, hinting imports will decrease further in the ongoing month of August.
Speaking to the media, the Commissioner of Benapole Custom House, Abdur Rashid Mia, reportedly, claimed after Bangladesh Bank, which is Bangladesh’s central bank, raised the LC margin in a bid to cope with the dollar crisis, traders have reduced their imports and are currently importing only essential goods even as the in-charge of Jessore corporate branch of Sonali Bank, Md Azizul Islam, on his part, reportedly, maintained that all types of LCs were on the decline as LC margin has increased.
