The New Nation - Internet Edition

A.T.M.Nurun Nabi

Import leters of credit (L/Cs) for US $ 368.67 million were opened during September 1-6 period while L/Cs for US $ 277.86 million were setled according to a report of Bangladesh Bank released on September 12. The amount of outstanding L/Cs as on June 30 was 6365.87 million dollars. The report says that leters of credit for US $ 3860.98 million were opened for the period from July 1 to September 6 while L/Cs for US $ 3152.13 million dollars were setled.

It is observed that L/Cs for import of wheat amounted to US $ 18.02 million whereas for import of rice it is 6.06 million dollars, indicating a change of the importers' behaviour. L/Cs for import of sugar and milk powder amounted to 1.20 m 4 and 3.88 m $ respectively. Amount of L/Cs for some other items was as under in m dollar

Edible oil (refined) 0.02, edible oil (crude) 13.37, palm oil 8.83, dates 0.02, lentil 4.50, gram 3.67, onion 2.50, drugs and medicine 1.53, coal 0.20, cement 0.46, scrap vessels 6.14, news print 0.68, raw coton 13.57, fabrics (back to back) 32.36, accessories 10.27, yarn 10.93, pharmaceuticals raw materials 3.89, fertilisers 9.71 and capital machinery 13.30 and motor vehicles 7.62 only. In the year 2006-07, L/Cs were opened for US $ 17,451 m $ and setled for US $ 15,971.75 m $.

It appears from the figure of the setled L/Cs that the importers have been showing interest in retaining the past tradition. Surely it is a good sign. To build a sound economy demands an understanding between the government and the importers, on the one hand, and building up of a counter force, on the other hand. Bangladesh has potentialities to become a prosperous country and that could be done through joint forces only.