Easy loans fuel car imports
Easy car loans for officers and employees in the private sector corporate world, including banks, have considerably helped surge car imports, according to a central bank report.
In addition, a section of society that holds a large chunk of black money is also fuelling the car market growth.
Currently, the Chittagong port premises are crowded with 5,500 cars, while 1,000 more are aboard different ships.
As many as 25,000 cars were imported through the port in the last eight months, while the figure was 13,000 during the previous eight months, the Chittagong port data says.
The Bangladesh Bank (BB) report filed in early September shows $78 million letters of credit (LCs) settled by importers in the May-June period, while the previous year witnessed $35.84 million LC settlements for car imports.
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