Traders opened LCs (letters of credit) for USD 68.36 billion in the first nine months of FY’22 (July-March), up 46.04 percent over the same period in FY’21. The LCs were valued at Tk 5.89 trillion, which is close to the FY’22 national budget.
Despite a dramatic increase in post-pandemic economic activity, Bangladesh Bank is failing to meet rising demand for the US currency.
According to economists, import spending has put pressure on the foreign exchange market. Economic experts have proposed limiting imports in this case. The central bank supplies US dollars to banks on a daily basis to meet the massive import demand for local markets.