Bangladesh Bank has removed the 100 percent margin requirement for opening letters of credit (LCs) for six crisis-hit banks: Islami Bank Bangladesh, First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank, and Bangladesh Commerce Bank. This decision, conveyed through a central bank letter, reverts the banks to previous LC margin rules. The restriction had been imposed in August this year. The move follows a meeting between the central bank and the banks’ managing directors. Earlier, the boards of these banks were restructured after the Awami League’s fall on August 5, previously being controlled by the S Alam Group.
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