“Most of the products I could import with an LC for $200,000 are no longer available. Sometimes we open an LC for $50,000 and another a fortnight later. But this causes delay in shipment.
He also highlighted the increase in import cost due to increase in the value of dollar. “The product we bought two months ago for $97 now costs $113. Due to the increase in dollar prices, other costs also increased.
Aminul Islam Khan Abu, secretary of the Diagnostic Reagents and Equipment Traders Association of Bangladesh, said the authorities did not block LC opening, but the LC volume has reduced.
“Someone who needs to open a $100,000 LC can open it for $25,000. Anyone who needs to open LC for four companies can open an account for only one company. It has long-term effects,” he said.
“The crisis already exists, and it will intensify in the future. Bangladesh Bank claims that foreign exchange reserves will be fine. I’m not sure when it will recover or if it will ever recover.