Market Digest

BB asks banks to ensure petroleum importers have licences

Staff Correspondent

22 March, 2021 12:00 AM printer

Bangladesh Bank (BB) on Sunday asked the commercial banks to ensure whether the petroleum product importers have valid licences issued by the Bangladesh Energy Regulatory Commission (BERC) to open the letters of credit (LCs).

Md. Akber Ali Farazy, General Manager of the foreign exchange policy department (FEPD) of BB, issued a letter in this regard to the dealer banks involved in foreign exchange transactions.

The letter told the banks to strictly follow Bangladesh Import Policy Order 2015-2018 and Bangladesh Energy Regulatory Commission Act 2003. “It is embarrassing as the information provided by the BERC showed that some banks did not obey the order to check licence validity to open LC for petroleum products,” the BB circular stated.

Earlier, BERC sent a letter to Bangladesh Bank urging the central bank to instruct commercial banks to make sure importers who intend to open LCs for petroleum import have valid BERC licences.