Figures from Bangladesh Bank (BB) have revealed a sharp rise in letter of credit (L/C) openings in the run-up to the Muslim holy month of Ramadan.

This year's Ramadan is expected to begin on or around 22 August and finish on or around 20 September.

L/C statistics

The value of new import L/Cs opened in Bangladesh in July increased by 16.55 per cent over the value of L/Cs opened in June, according to central bank statistics.

The statistics also show that the value of L/C settlements in July was 11.35 per cent higher in July than it was in June.

Trends

The figures reflect buoyant demand for foodstuffs in Bangladesh ahead of Ramadan.

A senior BB official told local media that he expected the upward import trend to continue through most of August but fall away after the Eid festival that ends the holy month of Ramadan.

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