Dhaka:Bangladesh Bank has announced a new measure allowing importers to bring in 11 types of essential commodities with a deferred payment facility of up to 90 days. This initiative aims to stabilize market prices and ensure a steady supply of daily essentials in anticipation of increased demand during Ramadan.
According to United News of Bangladesh, the central bank released a directive outlining that importers of rice, wheat, onions, lentils, soybean oil, palm oil, sugar, chickpeas, spices, dates, and peas can benefit from this 90-day deferred payment option. This facility will be available under suppliers' credit or buyers' credit arrangements.
The scheme allows importers to delay settling the full import value immediately upon the goods' arrival. Instead, they can sell the products and make payments after a designated maturity period, which helps in managing their bank liabilities effectively. The central bank's directive aims to sustain supplies and alleviate pressure on market prices, as demand for commodities like rice, lentils, onions, and edible oils typically surges during Ramadan.
The facility is set to remain in effect until March 15 next year. Previously, Bangladesh Bank had instructed commercial banks to keep cash margins at a minimum level when opening import letters of credit for these essential items, considering the upcoming Ramadan. An LC margin is the amount of cash or security a trader must deposit with a bank when opening an LC, which varies based on the banker-customer relationship.