Bangladesh Bank (BB) on Tuesday asked all the banks to cooperate with genuine exporters and suppliers by buying Internal Bill Purchase (IBP) of both local and foreign currencies.

The IBP, a tool for external trade, includes the information of the carriers and shippers and acts as a carriage contract agreement.

“We have noticed that some genuine exporters and suppliers are facing problem though the central bank issued proper guideline for banks to buy IBP after examine those properly,” a BB directive said.

The directive was issued against the backdrop of Hallmark scam that made many bankers extra cautious in buying the IBP. Businessmen including apparels exporters recently complained that they were facing problem with some banks in opening back-to- back letter of credits (LCs).

The central bank in its directive said all the authorized dealers are now equipped with modern information technology, which they could use to contact with their head offices faster then ever to take quicker decisions.

News: The Daily Sun/Bangladesh/05-Sep-12