Bangladesh Bank to discourage luxury imports

[SMX 3.0]

Bangladesh Bank to discourage luxury imports​

Fri Jul 1, 2022 11:15 AM Last update on: Fri Jul 1, 2022 11:15 AM

Bangladesh Bank yesterday said it has decided to raise the ratio of payments businesses must make to banks while opening letters of credit (LCs) for luxury goods, foreign fruits and non-essential items such as non-cereal food, canned and processed products.

The move is aimed at discouraging the imports of the items, said the central bank in its monetary policy statement for the next fiscal year.

On May 10, the central bank instructed banks to take up to 75 per cent of import payments in advance from businesses to open LCs for luxury and non-essential goods.

Yesterday, the BB also said it would roll out new refinance schemes to ramp up the production of import substituting products in order to cut the reliance on foreign purchases and save foreign currencies.

BB to discourage luxury imports

Bangladesh Bank yesterday said it has decided to raise the ratio of payments businesses must make to banks while opening letters of credit (LCs) for luxury goods, foreign fruits and non-essential items such as non-cereal food, canned and processed products.

www.thedailystar.net

 

[Protest_again]

Bangladesh Bank to discourage luxury imports​

Fri Jul 1, 2022 11:15 AM Last update on: Fri Jul 1, 2022 11:15 AM

Bangladesh Bank yesterday said it has decided to raise the ratio of payments businesses must make to banks while opening letters of credit (LCs) for luxury goods, foreign fruits and non-essential items such as non-cereal food, canned and processed products.

The move is aimed at discouraging the imports of the items, said the central bank in its monetary policy statement for the next fiscal year.

On May 10, the central bank instructed banks to take up to 75 per cent of import payments in advance from businesses to open LCs for luxury and non-essential goods.

Yesterday, the BB also said it would roll out new refinance schemes to ramp up the production of import substituting products in order to cut the reliance on foreign purchases and save foreign currencies.

BB to discourage luxury imports

Bangladesh Bank yesterday said it has decided to raise the ratio of payments businesses must make to banks while opening letters of credit (LCs) for luxury goods, foreign fruits and non-essential items such as non-cereal food, canned and processed products.

www.thedailystar.net

I mean foreign fruits are also luxury to them it seems. Anyways good decision, given nothing gets manufactured in the country except for clothing.

 

[mmr]

This wont do much. Trade deficit is 33 billion dollar for bd. It will only get bigger. Also fruits are luxury? Lol dumb. Its not prada or valentino its fucking fruits....

Bangladesh’s trade deficit projected $33b in FY22

Bangladesh’s trade deficit is projected to be $33 billion in the outgoing fiscal year as export earnings and remittances continue to fall below the overall import cost, said Bangladesh Bank in its monetary policy for the next fiscal year.

www.google.com

 

[ShoroterAkash]

No such measures would have been needed if we could stop money laundering - especially those Billions that are destined for sanghistan/Begum Para/UAE/Switzerland!

As a patriotic Bangladeshi, Prashant Kumar Halder might bring back that stolen 2 billion USD!! That will help boost our reserve.

 

[PadmaBridge]

Bangladesh Bank to discourage luxury imports​

Fri Jul 1, 2022 11:15 AM Last update on: Fri Jul 1, 2022 11:15 AM

Bangladesh Bank yesterday said it has decided to raise the ratio of payments businesses must make to banks while opening letters of credit (LCs) for luxury goods, foreign fruits and non-essential items such as non-cereal food, canned and processed products.

The move is aimed at discouraging the imports of the items, said the central bank in its monetary policy statement for the next fiscal year.

On May 10, the central bank instructed banks to take up to 75 per cent of import payments in advance from businesses to open LCs for luxury and non-essential goods.

Yesterday, the BB also said it would roll out new refinance schemes to ramp up the production of import substituting products in order to cut the reliance on foreign purchases and save foreign currencies.

BB to discourage luxury imports

Bangladesh Bank yesterday said it has decided to raise the ratio of payments businesses must make to banks while opening letters of credit (LCs) for luxury goods, foreign fruits and non-essential items such as non-cereal food, canned and processed products.

www.thedailystar.net

Why is a street shitter opening threads on Bangladesh?

Go and build toilets and learn to prepare for the next covid.

So millions of Hindus won’t die at the hands of ModiG again!!

 

[SMX 3.0]

Why is a street shitter opening threads on Bangladesh?

Are you butt-hurt, river-shitter? That's your Asian tiger economy being unable to imports fooking fruits...

And who the heck are you to dictate me? Your kind jumps over the border to work as maids in Delhi. Stay within your auqaat.

 

[ShoroterAkash]

nothing gets manufactured in the country except for clothing.

You would have been pretty much correct as of now if you used the word exported instead of manufactured!
BD is almost self-sufficient (or, can be) in pharma (98%), electronics, appliances, processed foods, ship building, small industries, etc.
Yes, we have a long way to go... Transitioning from a mainly agrarian society to a fully industrial one takes time.

 

[ShoroterAkash]

millions of Hindus

As a fellow fiercely patriotic Bangladeshi, I would urge you to reconsider using the H-word in that context. We despise the chest thumping fanatic RSS/Sanghi Nazi an1mists but we don't have issues with any particular faith/tradition. I would use the words such as Sanghi, RSS Nazi, etc. Trust me, there are millions of 'educated and human' Indians who hate these fanatic creatures more than we do! Generalizing is hurtful for these good souls!

 

[Rushd Alam]

Are you butt-hurt, river-shitter? That's your Asian tiger economy being unable to imports fooking fruits...

And who the heck are you to dictate me? Your kind jumps over the border to work as maids in Delhi. Stay within your auqaat.

Dont you have shame, why are you acting like annoying street begger.


Go now.....

 

[MH.Yang]

What's strange about that? China also banned the import of foreign fruits in 1994.
And some fruits are indeed luxury goods. For example, the lowest selling price of Hokkaido black watermelon in Japan will also exceed 40000 yen (300 US dollars).

 

[Rushd Alam]

You would have been pretty much correct as of now if you used the word exported instead of manufactured!
BD is almost self-sufficient (or, can be) in pharma (98%), electronics, appliances, processed foods, ship building, small industries, etc.
Yes, we have a long way to go... Transitioning from a mainly agrarian society to a fully industrial one takes time.

Do not reply to this beggers comments, he is one of the unemployed of India, didnt pass the railway peon interview, now waiting for a visa to go abroad.

 

[Protest_again]

You would have been pretty much correct as of now if you used the word exported instead of manufactured!
BD is almost self-sufficient (or, can be) in pharma (98%), electronics, appliances, processed foods, ship building, small industries, etc.
Yes, we have a long way to go... Transitioning from a mainly agrarian society to a fully industrial one takes time.

You import wheat and Rice too. Have you seen the trade deficit figures? It is now at $37 billion (goods and services). No country with such high trade deficit can call itself self sufficient.

Do not reply to this beggers comments, he is one of the unemployed of India, didnt pass the railway peon interview, now waiting for a visa to go abroad.

I provide employment to over 100 people. 10 Lungi cooks also work for me. That's how I know about your shit land.

 

[mmr]

You would have been pretty much correct as of now if you used the word exported instead of manufactured!
BD is almost self-sufficient (or, can be) in pharma (98%), electronics, appliances, processed foods, ship building, small industries, etc.
Yes, we have a long way to go... Transitioning from a mainly agrarian society to a fully industrial one takes time.

You need to see the value addition of the industry. Pharma is 98 percent self sufficient? Then why bd import almost all of its api from china and india? Not to mention entire capital machineries need to be imported. Bd pharma has barely any innovation and mostly get benefits as ldc because patents free benefits. Once thats over what's the future?

Same with electronics. Value addition is not much. Most main components comes from china.

There is a reason why bd has 33 billion trade deficits...not that bd has millions of car and need lot of gasoline import either. Imagine if bd has car ownership like india or pakistan it will be lot worse. Trade deficit would be like 50 billion plus.

 

[Rushd Alam]

Any item be it impoted fruit or be it a niddle, if it is not necessary its luxury. In this time of world economy a very good decision.

You have a problem with that? So unfortunate, you are a no one and your opinion is as good as whatsapp uni degree

On the otherhand, If anyone wants to import cowdung or urine from us we are happy to sell, plus we also give toping of cattle semen. Yum yum, today you guys can celebrate.

 

[SMX 3.0]

Dont you have shame, why are you acting like annoying street begger.

You mean the ones who climb our border wall??

Don't you have any shame badmouthing India after sending millions to work as menial labourers here??

Exodus of workers from Kerala leaves illegal Bangladeshi immigrants in a quandary

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www.newindianexpress.com