BSRM opens LC in Indian rupee to import spare parts

Business Report :
BSRM, the largest steel manufacturer in Bangladesh, has opened its first letter of credit (LC) in the Indian rupee (INR) to import spare parts of machinery, a day after the launch of trade settlements using the currency of the neighbouring country. The LC, worth 4.84 lakh rupees, was opened with the State Bank of India (SBI) on Tuesday and was the first in Chattogram.

To mark the occasion, an event was organised at the BSRM headquarters in the port city on Wednesday. Some top officials of the SBI joined the event where BSRM Chairman Alihussain Akberali and other high officials were present. On July 11, Bangladesh and India rolled out the cross-border trade settlement mechanism involving the INR to cut over-dependence on the US dollar.