By Amith Gamage in Ceylon Today, Aug 19, 2023It has been revealed that though Sri Lanka had received fuel from Iran, in exchange for tea, during the early part of last year, to tide over its dollar and economic crisis, thus far the Government has failed to keep up its promise to Tehran. It has come to light that though Sri Lanka had received USD 250 million worth of fuel from Iran, the Government has…
Posts tagged as “dollar”
report in The Daily Star, May 16, 2023BNP Secretary General Mirza Fakhrul Islam Alamgir yesterday feared that the country will face a severe economic crisis in the days to come due to the dollar crisis. “This is the reality that coal can’t be imported due to the dollar crunch. Not only this, but the traders are also unable to import the necessary goods due to the lack of dollars. The amount of reserves has decreased…
report in Asian Age, Dhaka, Mar 19,2023Importers are not being able to open letters of credit (LCs) in Bangladesh due to dollar crisis. As a result businessmen are not being able to import necessary commodities from abroad. Under these circumstances goods of 2 trillion taka have been imported from overseas on credit. “Please give us dollars. We cannot open Letters of Credit to import raw materials.” The statement was made by a top businessman who…
by Rejaul Karim Byron in The Daily Star, Mar 3, 2023Bangladesh and India are in talks about doing away with the dollar as the official currency for payments between the two countries — a development that would bring down the cost of trade as well as the conversion rate losses for businesses and ordinary people. The talks took place on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting held in the…
by Sohel Parvez in The Daily Star, Feb 14, 2023Crop protection chemical sellers in Bangladesh are facing difficulty in opening letters of credit amid banks’ lack of interest owing to the crunch of the US dollar. This raises concerns about a shortage of pesticides and other similar inputs that could affect the productivity of crops such as boro rice. The worry comes at a time when farmers are growing the boro paddy, the biggest rice…
by Masud Milad in Prothom Alo, Jan 19, 2023 Chattogram: The unloading of commodities from three freighters has been stalled at Chattogram seaport for different terms as the banks here have failed to settle the import bills in dollar despite receiving full payments from the importers in the local currency. The ships carried unrefined sugar and edible oil, two essential commodities during the holy month of Ramadan, to Bangladesh from Malaysia and Brazil. The volume…