BSRM opens first LC in rupee in Ctg
BSRM, a leading steel manufacturing company of Bangladesh, opened the first-ever Indian rupees-based Letter of Credit (LC) in Chattogram through the State Bank of India on Tuesday.
According to BSRM authorities, an LC worth Rs4,84,000 was opened for importing spare machine parts from Sujex India.
Considering the recently launched LC as a trial, BSRM Deputy Managing Director Tapan Sengupta told The Business Standard, "We are concerned about Bangladesh's trade deficit of $14 billion in bilateral trade with India and the limited opportunity it presents."
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He acknowledged the need for more rupees for large volume LC payments but viewed the settlement of LC payments in rupees as a positive step taken by the friendly nations, which would be beneficial for businesses.
An event was organised on the occasion at the BSRM headquarters on Tuesday, which was attended by officials from the State Bank of India, including the chief executive officer, joint assistant vice president, deputy manager, and unit head, as well as high-ranking officials from BSRM, including the chairman, deputy managing director, group chief financial officer, and manager of Treasury and Fund Management.
