Bangladesh experienced an 18.19% YoY decline in imports, totaling $33.68 billion, in the first half of the 2023-24 fiscal year. The Bangladesh Bank’s recent data revealed a decrease in the settlement of letters of credit (LCs), indicating actual imports, from $41.18 billion in the same period the previous year to $33.68 billion. Overall import orders, measured by the fresh opening of import LCs, also saw a 5.33% YoY decline, dropping to $32.93 billion in July-December from $34.78 billion in the prior fiscal year. The central bank, aiming to address economic challenges and boost forex reserves, implemented policies focused on controlling inflation and adopted a hawkish monetary policy with a 25 basis points increase in the policy rate to 8%.
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