Bangladesh’s import orders slide

By IANS,

Dhaka : Bangladesh’s imports plunged by nearly 14 percent in the first two months of the 2012-13 fiscal year, an official said Wednesday.

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The drop was due to the central bank measures to maintain macroeconomic stability, Xinhua quoted an official of the Bangladesh Bank as saying.

Overall import orders in July-August dropped by 13.76 percent year-on-year to over $5.4 billion, the official said requesting anonymity.

The actual import payments also dropped by 1.95 percent year-on-year to $5.480 billion in the first two months of the 2012-13 fiscal year, the official added.

The import orders, which usually fluctuates between 20 to 40 percent growth, started to slide after the central bank rolled out its “contractionary” monetary policy.