Scrap vessel imports slumped by half in the first nine months of the year as Bangladesh Bank is discouraging lenders from opening letters of credit to curb the depletion of forex reserves amid the soaring cost of the US dollar.
India will allow overseas broken rice shipments of 397,267 tonnes backed by letters of credit issued before 8 September, the government said in a notification, as a sudden ban on exports of the grain prevented the loading of cargoes
Businesses in Bangladesh will not be able to use the Indian rupee in conducting trade with entities abroad as Bangladesh Bank has not enlisted the currency as a means of settling letters of credit (LCs).
India is considering allowing the overseas shipment of some rice cargoes stuck at ports after the world s biggest exporter of the grain imposed restrictions earlier this month, a government official said on Wednesday on the condition of anonymity.