Bangladesh Bank eases import of 11 essentials for Ramadan
Bangladesh Bank has permitted delayed payments of up to 90 days for the import of 11 essential food items, including rice, wheat, and edible oil, ahead of Ramadan to stabilize prices and ensure supply. This measure, effective until March 31, 2025, aims to ease the import process for these high-demand items. Additionally, a recent policy change allows import margins to be based on bank-customer relationships, reducing immediate cash requirements and import costs for importers.
Bangladesh Bank (BB) has allowed delayed payment of bills for importing 11 essential food items ahead of the holy month of Ramadan.PauseUnmute
The products are – rice, wheat, onion, pulses, edible oil, sugar, eggs, chickpeas, peas, spices and dates.
On Monday, the foreign exchange policy department of BB issued a circular in this regard and sent it to the top executives of the bank for immediate execution.
The notification stated: “In order to maintain the price at a reasonable level and smooth supply of necessary food items during the holy month of Ramadan, it has been decided to allow import of rice, wheat, onion, pulse, edible oil, sugar, egg, chickpea, pea, spices and dates on usance terms on up to 90 days under supplier’s/buyer’s credit.”
The central bank says that this decision has been taken to facilitate transactions in the case of imports and the facility will be applicable till March 31, 2025.
This decision will help the importers to import these products. Because the demand for these products increases during and before Ramadan.
Earlier, on November 6, the central bank issued a notification relaxing the previous 100 percent margin or security value for importing goods. Now that margin will be determined on the basis of the customer-bank relationship.
According to industry insiders, importers will need less cash due to the relaxation of the LC margin. It will also reduce import costs.
Source Link : https://www.dhakatribune.com/bangladesh/364903/bangladesh-bank-eases-import-of-11-essentials-for
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