Central bank to take action against banks if import bill not paid on time
The Bangladesh Bank, in a circular issued on Wednesday, said that they will take strict action against banks that do not pay the bill of import on Letter of Credit (LC) in due time.
The central bank also warned all banks against unwarranted delays in paying import bills.
The circular, issued by the Foreign Exchange Policy Department of Bangladesh Bank came after a few banks had delayed paying the bill, negatively impacting the country's image in the world.
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Furthermore, the cost of import increases due to this delay as there is extra interest and extra confirmation fee of foreign banks which is to be paid from the importers pocket.
"We are worried about this delay occurring a lot lately. We are receiving this kind of complaints from the importers frequently. That is why the central bank has warned all banks not to delay paying import bills anymore," a senior official of the Bangladesh Bank told The Business Standard.
