Many traders have to open Letters of credit (LCs) by buying dollars at a higher price than the fixed rate, said Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Mahbubul Alam Monday.
“We drew the governor’s attention to the dollar market, who gave assurance that everyone will get dollars at the fixed rate,” FBCCI President Mahbubul Alam told reporters following a meeting with Bangladesh Bank Governor Abdur Rouf Talukder on Monday (18 September).
Following the meeting Executive Director and Spokesperson of Bangladesh Bank Md Mezbaul Haque told reporters, “Now there is a trade balance, the price should not be high. The dollar rate is set by Bangladesh Foreign Exchange Dealer’s Association (BAFEDA) and Association of Bankers, Bangladesh (ABB). We work with the rates they offer,” he added.
The central bank’s governor has been requested not to increase the interest rate of bank loans, the FBCCI president said adding, “In view of this, the governor said the loan interest is now fixed according to the smart rate, there is no chance of the interest rate being increased at an abnormal rate. According to the current system, there may be a slight rise only.”
Debt repayment was discussed. So far two industrial sectors have been given loan repayment facility.
“We asked them if this facility can be extended to some other sectors so that traders can do business easily,” added the FBCCI president.
Regarding the opening of LCs, the FBCCI president said, “We have talked about the small and medium businessmen and the governor has assured them that they can open LCs and the banks have been instructed accordingly.”
