Desk Report : The value of new LCs opened for capital machinery and raw material imports fell 65 percent year-on-year in the first two months of the fiscal year
In the face of a volatile foreign exchange market, the tightening of import controls has put the brakes on the opening of letters of credit to ship in goods from abroad at the start of fiscal 2022-23.
The data for the July-August period points to a marked drop-off in capital machinery and raw materials imports, prompting economists to flag concerns about the country’s investment prospects.
The value of new LCs opened for capital machinery imports fell 65 percent to $399.7 million year-on-year in the first two months of FY23, according to data released by Bangladesh Bank.
