The Bangladesh Bank (BB) has lowered the cash margin for opening letters of credit (LCs) to import cars as the country’s foreign exchange inflow and dollar stocks show improvement.

The LC margin can be set up based on the banker-customer relationship

25pc duty proposed on cars imported for lawmakers

Reconditioned car imports surged by more than 75 per cent year-on-year in July-October despite the ongoing economic uncertainty and the government’s efforts aimed at discouraging the purchases of luxury items from external sources, traders say.  

Importers were rushing to complete procedures for getting reconditioned vehicles released from the Chittagong and Mongla ports fearing hike in import duties in the budget to be announced today.