This was attributed to higher remittance inflow and export earnings that boosted the availability of dollars in the banking sector.
Bangladesh saw a nearly 20-per cent YoY rise in both the opening and settlement of import letters of credit (LCs) in February, with such LCs worth $6.26 billion opened—a 19.92-per cent YoY rise.
Import LC settlements stood at $5.74 billion in the month—up by 20.59 per cent YoY.
Meanwhile, export earnings grew by nearly 11 per cent YoY in the first eight months of this fiscal.
In the first two months this year, over $6 billion worth of LCs have been opened, according to data from the central bank.
The country received $2.53 billion in remittances in February – the fourth-highest monthly inflow in the country’s history. From July to February of the current fiscal, total remittance inflow reached $18.49 billion—a 23.8-per cent rise from $14.94 billion in the same period last year.
Meanwhile, export earnings grew by nearly 11 per cent YoY in the first eight months (July-February) of this fiscal.
In February, import LC settlements stood at $5.74 billion—up by 20.59 per cent YoY. For the first eight months of FY25, total LC settlements reached $46 billion compared to $44.19 billion in the same period of the previous fiscal.
LC payments for industrial raw materials rose by 10.41 per cent in the month, while payments for petroleum and other imports also increased, according to domestic media reports.
However, LC payments for capital machinery saw the sharpest decline at 25 per cent, followed by a 8.5-per cent drop in payments for intermediate goods.
Fibre2Fashion News Desk (DS)