Traders allowed to import goods of any value without LC

Bangladesh Bank has significantly simplified the import rules for businesses. From now on, goods of any value can be imported from abroad without opening a Letter of Credit (LC). Previously, there was a limit on sending money abroad for imports without an LC. This new decision will allow businesses to easily bring raw materials and necessary goods into the country.

Due to the dollar crisis, various complications had arisen regarding opening LCs in the country's banks over the past few years. Small and medium enterprises were unable to import goods on time. To resolve this issue, the central bank has made a major change in its policy. Previously, a maximum limit was set for imports without an LC, which has now been completely lifted.

Relief has returned among businesses and importers following this decision. Various business organizations have welcomed the initiative, stating that it will increase the supply of goods in the market and keep prices under control. However, economists suggest that the central bank must keep a strict eye to ensure this facility is not misused for money laundering.

The introduction of this new rule is expected to boost business and trade in the country. Especially ahead of Ramadan and Eid, the import of essential commodities will increase. However, experts believe it is crucial to maintain a steady supply of dollars in the banking sector and regularly monitor whether any irregularities are occurring under the guise of imports.