Spending on petroleum imports is on rise in the first five months of the current fiscal year as the opening of Letters of Credit (LCs) increased 27.5 percent.
Import LCs worth US$ 742.51 million were opened for petroleum and petroleum products during July-November period of the fiscal 2005-06, according to Bangladesh Bank figures released yesterday.
LCs for textile fabrics and accessories increased 17 percent to $ 1,020.33 million while industrial raw materials rose 10 percent, capital machinery 10 percent and chemical fertilizer 7 percent.
However, the overall opening of L/Cs increased about 5 percent to $ 5,732.41 million during the five-month period.
Authorized commercial banks opened L/Cs for rice ($ 38 million), wheat ($ 158 million), sugar ($ 36 million), onion ($ 35 million), fruits - fresh and dry ($ 25 million), pulses - all sorts ($ 83 million) and milk food ($ 35 million).
