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Businesses on Sunday expressed concern about facing higher costs of dollars than the official exchange rate when opening letters of credit (LCs), urging the Bangladesh Bank to issue a directive to address the issue. "Businesses are unable to open LCs due to the dollar crisis.
Bangladesh Bank’s income from foreign currency reserves has gone up 108 percent year-on-year to Tk 6,000 crore in fiscal year 2022-23, as per the central bank’s annual report.
Bangladesh and India yesterday rolled out a landmark cross-border trade settlement mechanism involving the rupee and bypassing the US dollar. As part of the efforts, the Reserve Bank of India has put in place a mechanism to settle international trade in rupees.