The central bank has instructed commercial banks to verify the latest price of goods in the international market and acquire credit reports of suppliers before importers open a letter-of-credit (LC) with them.
The Foreign Exchange Policy Department of Bangladesh Bank issued a circular in this regard on Monday (10 October). The central bank directed all banks sanctioned as authorized dealers to survey the global market trends before setting goods prices.
It also asked authorised dealers to comply with extended due diligence in import transactions adhering to ‘Import Policy Order in force, KYC (Know Your Customer) and AML/CFT (anti money laundering/combating financing of terrorism)’ standards.
