Bangladesh’s BCI Urges Increased USD Supply for Raw Material Imports

The Bangladesh Chamber of Industries (BCI) is urging for a one dollar supply to expedite industrial raw material imports amid rising inflation, loan rates, and energy prices.

 Key Information:

  • The Bangladesh Chamber of Industries (BCI) demands an increased supply of one dollar to expedite the import of industrial raw materials
  • Rising inflation, loan rates, energy, and gas prices affecting factory capacity and nationwide sales
  • The difficulty for industrial organizations to establish letters of credit due to the dollar crisis
  • Delays in monetary incentives for exporting industries cause businesses to struggle with taxes and salaries

Bangladesh’s BCI urges increased USD supply for raw material imports

Bangladesh’s BCI: An increase in the supply of one dollar has been demanded by the Bangladesh Chamber of Industries (BCI) to speed up the process of importing industrial raw materials.

To convey the demand, a team from the Bangladesh Chamber of Commerce (BCI), led by its president, Anwar-ul Alam Chowdhury (Parvez), recently met with Abdur Rauf Talukder, the governor of the Bangladesh Bank.

As a result of rising inflation, loan rates, energy, and gas prices, any factory is unable to work at full capacity, according to the BCI delegation, which noted that nationwide sales have declined as a result of these factors.

Because businesses were unable to establish letters of credit (LC) with banks, they believed that the dollar crisis had made it difficult for industrial organizations to continue existing.

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At a rate that is much greater than the rate that is fixed by the central bank, they are required to establish letters of credit.

According to reports from domestic media outlets, the delay in the delivery of monetary incentives by the government to industries that are focused on exporting is causing businesses to experience difficulties in meeting their time-bound duties regarding taxes and salaries. In response, businesses have expressed their dissatisfaction and asked that the aforementioned incentives be made available without delay.

When it comes to previous exports, the acceptance process and the maturation of the letter of credit both take a period of four to five weeks, which subsequently increases their burden of responsibility.

In addition, they highlighted the fact that small and medium-sized firms are the ones that suffer the most losses and, as a consequence, should be given the most consideration.

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