International trades getting stuck over Corona pandemic

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International trades getting stuck over Corona pandemic

Global business is getting struck as there several reports that shipments are not reached timely albeit payment for letter of credit (LC) are made.

“Several businesses are stuck… there are so many cases where letters of credit have been opened, payments made, but shipments have not arrived,” said a banker of a government bank.

Trade bodies are discussing the issue among them and are set to raise the issue before the government.

“We may ask the government to plead for waiver of interest on packing (or, pre-shipment) and post-shipment credit for a six-month period beginning January 1, 2020,” Sheikh Fazle Fahim, president of FBCCI said.

A note from the China Banking Association  circulated among Bangladeshi  banks where they said China have taken steps such as waiver of transfer fees for donations or remittances, providing 24X7 services through e-platforms, rescheduling repayment plans for affected lenders, disinfecting brick-and-mortar branches and bank notes, besides providing regular updates.

The coronavirus pandemic has sparked concerns about a fresh surge in bad loans at Bangladesh commercial banks.

Chief executives and managing directors of country’s  commercials banks to explore ways to lend a helping hand to businesses hit by the Covid-19 outbreak.

The top CEOs in their bilateral interactions among them Monday  they discussed possible credit lines and special benefits that could be given to certain sectors such as SMEs, leisure, aviation, transportation, travel and exports.

A top banker said that banks are planning to come out with advisories to create customer awareness and promote contact-less banking.

“Banks executives will also assure clients that institutions are putting in place business continuity plans, and encourage banks to have flexible working hours.,” he added

Bmirrorhttps://bmirror.net/
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