Dhaka: Bangladesh Bank (BB) has relaxed rules for the import of essential food commodities to ensure adequate supplies during the holy month of Ramadan. Banks will now open letters of credit (LCs) for the import of items such as rice, wheat, onion, pulse, edible oil, sugar, egg, chickpea, spices, and dates based on their relationship with clients, as per a circular issued by BB today.
According to Bangladesh Sangbad Sangstha, the central bank has suggested that banks keep minimum margins or advance on the import value from importers of Ramadan items. This directive is aimed at facilitating smoother imports and ensuring that the market remains well-stocked with essential commodities during the fasting month.
The directive will remain in effect until March 31, providing a temporary measure to support the increased demand for these items during Ramadan. The move is expected to aid in stabilizing prices and availability of food commodities, which are crucial for maintaining the cultural and religious practices during the holy month.