BB slaps 100% LC margin to discourage imports of cars, electronics among other items

[Black_cats]

BB slaps 100% LC margin to discourage imports of cars, electronics among other items

BANKING​

TBS Report
05 July, 2022, 09:10 am
Last modified: 05 July, 2022, 09:15 am

The Bangladesh Bank (BB) has imposed a 100% cash margin when opening letters of credit (LC) on cars (sedans, SUVs, MPVs), electronics, gold, precious metals, RMG, and pearls, among other items to discourage imports in a bid to keep the country's currency and debt management more integrated and stable.

The central bank issued a circular in this regard and sent it to all concerned offices on Monday.
Banks have also been instructed to refrain from giving credit to importers to meet the margins.

According to the circular, the decision comes against the backdrop of the long-term negative effects of Covid-19 and more recently the Russia-Ukraine War, which led to a more unstable global economy already rocked by the pandemic.

The BB move aims to further strengthen the country's monetary and debt management amid times of such volatility, added the circular.

The other products that fall under the central bank's latest directives – leather products, jute products, cosmetics, furniture and decorative items, fruits and flowers, non-grain food products, processed foods and beverages.

Meanwhile, for – baby food, essential food products, fuel, life-saving drugs and medical equipment recognised by the Directorate General of Health Services (DGHS), directly imported capital equipment and raw materials for manufacturing oriented local industries and export-oriented industries, essential commodities for use in government priority projects – the margin for LC opening has been set at a minimum of 75%.

100% LC margin slapped to discourage imports of cars, electronics

BB also instructed all banks to refrain from giving credits to importers to meet the margins

www.tbsnews.net

 

[SMX 3.0]

What is happening to the strongest economy of South Asia??

 

[Bengal71]

Very nice. Discourage luxury goods and protect local industry.

 

[mmr]

Lmao...180 million ppl buy 12k used cars...ahhmm tiger economy...now that will be zero! Ya that's what happen when only thing u "manufacture" and export is cotton underwear.

Blackouts return as Bangladesh feels first stirrings of energy crisis

What has so far been believed to be a localised power cut due to temporary grid failure or technical glitch has now turned into the first stirrings of an energy crisis

www.tbsnews.net

Lol. So rich but no money to buy lng.

 

[Black_cats]

Lmao...180 million ppl buy 12k used cars...ahhmm tiger economy...now that will be zero! Ya that's what happen when only thing u "manufacture" and export is cotton underwear.

Blackouts return as Bangladesh feels first stirrings of energy crisis

What has so far been believed to be a localised power cut due to temporary grid failure or technical glitch has now turned into the first stirrings of an energy crisis

www.tbsnews.net

Lol. So rich but no money to buy lng.

This is what happen when someone post news link even without reading it!

What has so far been believed to be a localised power cut due to temporary grid failure or technical glitch has now turned into the first stirrings of an energy crisis​

Plus car import is above 25k not 12k with high import duty of 200-800%

 

[Protest_again]

What is happening to the strongest economy of South Asia??

Lol. The self proclaimed economic leader of South Asia is falling apart. The lungis on the forum will be claiming riding rickshaws is what prosperity is.

 

[SMX 3.0]

Lol. The self proclaimed economic leader of South Asia is falling apart. The lungis on the forum will be claiming riding rickshaws is what prosperity is.

Now they have e rickshaws from beevatech Or beevitech Or whatever it's called. BD is already an Asian tiger economy.

 

[Black_cats]

To the trolls. Average Bangladeshis are richer than Indians. Here ministers don’t ask people to eat rats, farmers commit suicide for not able to pay debt or has higher malnourished child.

Import amount has increased in recent months due to global crisis and government is trying to adjust it by discouraging luxury imports. What’s wrong in here?

We don’t try to pretend like supa pawa but in where in reality some country who claim are slum dog.

 

[SMX 3.0]

What has so far been believed to be a localised power cut due to temporary grid failure or technical glitch has now turned into the first stirrings of an energy crisis

Read that again, but slowly.

Plus car import is above 25k not 12k

Nope...

 

[Protest_again]

To the trolls. Average Bangladeshis are richer than Indians. Here ministers don’t ask people to eat rats, farmers commit suicide for not able to pay debt or has higher malnourished child.

Import amount has increased in recent months due to global crisis and government is trying to adjust it by discouraging luxury imports. What’s wrong in here?

We don’t try to pretend like supa pawa but in where in reality some country who claim are slum dog.

Lol. Who is going to IMF begging to support its reserves? Who is going to IMF asking for budgetary support? Average Bangladeshi is rich because he buys 3000 cars a year vs 3000000 (Indians buy)? Is that why average electricity consumption is half average Indian electricity consumption? Is that why Lungis buy 8 million smartphones vs 170 million smartphones?

 

[SMX 3.0]

To the trolls. Average Bangladeshis are richer than Indians.

Richer than Indians, with consumption of everything from smartphones to energy being a fraction of that of India? Oh & 70% of you lot are living in mud/ iron sheet huts.

So rich, I feel envious...

slum dog.

World Bank Open Data

Free and open access to global development data

data.worldbank.org

Bangladesh 47%
India 35%

 

[Black_cats]

Lol. Who is going to IMF begging to support its reserves? Who is going to IMF asking for budgetary support? Average Bangladeshi is rich because he buys 3000 cars a year vs 3000000 (Indians buy)? Is that why average electricity consumption is half average Indian electricity consumption? Is that why Lungis buy 8 million smartphones vs 170 million smartphones?

Car doesn’t represent well being of average citizen nor car price is like 1 lakh rupee Tara nano in India.

It’s 30000 import because average price is around 25-30 lakh taka which is way higher than India. If price would be within 10 lakh taka there would be exponential growth in car purchase.

India is 1.4 billion people where 3 million doesn’t represent the piss poor of Indias. Two state UP and Bihar also is dumping ground of pots which represent 1/3 of Indias population but living standard is that of sub Saharan Africa.

Richer than Indians, with consumption of everything from smartphones to energy being a fraction of that of India? Oh & 70% of you lot are living in mud/ iron sheet huts.

So rich, I feel envious...

World Bank Open Data

Free and open access to global development data

data.worldbank.org

Bangladesh 47%
India 35%

Bangladesh is following bottom up approach not top down approach like Indias. Go to any village and see their life style and compare with India. You will see it’s way higher living standard. That’s why average Bangladeshis are richer.

Some upper or upper middle class doesn’t represent entire India.

 

[Protest_again]

Car doesn’t represent well being of average citizen nor car price is like 1 lakh rupee Tara nano in India.

It’s 30000 import because average price is around 25-30 lakh taka which is way higher than India. If price would be within 10 lakh taka there would be exponential growth in car purchase.

India is 1.4 billion people where 3 million doesn’t represent the piss poor of Indias. Two state UP and Bihar also is dumping ground of pots which represent 1/3 of Indias population but living standard is that of sub Saharan Africa.

1 lakh tata nano car? LOL.

The highest selling car last year was the Maruti Dzire, which is available in a price range of Rs 5.69-9.54 lakh (ex-showroom, Delhi)​

Indian car buyers seem to be moving up the price ladder when it comes to the purchase of cars. Last year’s sales data shows that the highest-selling model was the Maruti Dzire, which sold 264,612 units.

Also, the average price tag of cars sold in India is now almost ₹ 7.7 lakh. This is a clear indicator of the increased buying capacity of the new car buyers. Interestingly, the Maruti Dzire alone has managed to generate as much revenue as that of the entire lineup of Toyota.

That's 10 lakh taka average price of a car. AND we buy 3.5 million of them. You dumb fucks will claim 300% tax for not able to buy cars but doesn’t elaborate why 300% was imposed. We all know that if cars are allowed in the country, fuel imports will break the bank in that shit country. Obviously how many can afford to buy cars by stitching chaddis. Lol.

 

[Black Tornado]

Go to any village and see their life style and compare with India. You will see it’s way higher living standard.

People unable to even buy tractors? So much so for muh rural prosperity. Is there anything at all you consume higher than India on a per capita basis?

 

[bluesky]

Now they have e rickshaws from beevatech Or beevitech Or whatever it's called. BD is already an Asian tiger economy.

The news reporter must have mistaken a great mistake. He was really talking about the poor BD but somehow he wrote it is India where more than 30 farmers kill themselves every day.

Please ask the Editor to correct the name of the country. The name India must have caused you guys to suffer too much.

The country where 30 farmers die each day | CNN

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