Banks asked for payment of import bill in time

Business Desk :
Bangladesh Bank on Wednesday asked banks to clear the import bills in time or they will lose licences for authorised dealer (AD) branches, which are dedicated to do foreign exchange businesses.
The bankers concerned will also face punishment for the banks’ failure to settle import bills.
The ongoing shortage of dollar has created a tough situation for some banks in Bangladesh to clear import payments on time, tarnishing the country’s image in the international arena.
Contacted, two officials of Bangladesh Bank working on the issue, however, said there was no connection between the banks’ unwillingness to settle import bills and the shortage of the greenback in the foreign exchange market.
They said the central bank had asked banks in January last year to settle the import bills as per the rules, but many banks were still ignoring the instruction.
But managing directors of two banks, on condition of anonymity, said the lenders could not repay import bills because of an acute shortage of the US dollars.
Some banks are now facing difficulties to take the export earnings from foreign buyers as they have not repaid the amount on time due to the ongoing business slowdown in the global market.