IMF asks to ease import conditions. This is front-page news for Naya Diganta.
He said that due to the dollar crisis, the import of several products, especially luxury goods, including cars, has been tightened.
Bangladesh Bank has given instructions
To give a 100% margin on the import of these products. As a result, the total import of goods fell by half.
Such a situation suggested the International Monetary Fund (IMF) relax the existing LC margin.
Bangladesh Bank received this advice in a meeting of the members of the delegation of the visiting organization as a condition for obtaining a loan from the IMF.
Regarding the meeting,
Bangladesh Bank sources have reassured, “We have made significant progress in fulfilling the conditions set by the IMF for the concession of $680 million as the third tranche of the $4.7 billion loan. However, maintaining the foreign exchange reserves as per the conditions has been a challenge.“
The reason for this is given. For example, in order to obtain the third tranche of the loan, the IMF had to maintain net reserves of $19.26 billion at the end of March and $20.10 billion at the end of June. However, Bangladesh’s current net reserve is around $15 billion.
The meeting called for the relaxation
Of reservation conditions. They positively considered the central bank’s rationale for not being able to maintain reserves according to conditions.
And for that reason, there is no doubt about getting the third installment.
