Bangladesh Raises Import Restrictions on Luxury Items

Bangladesh’s central bank in July increased restrictions on imports of luxury goods and other “non-essentials,” the Hong Kong Trade Development Council reported Aug. 9. The country’s banks now impose a margin of 100% and 75% on letters of credit for luxury goods and nonessential items, respectively. HKTDC said the 100% margin applies to certain household appliances, gold, furniture, alcohol, cosmetics and other luxury items. All other nonessential goods are subject to the 75% margin. The measure doesn’t apply to certain essential goods, including medicines, baby food and certain agricultural goods and “capital machinery.”