Dhaka:The Bangladesh Bank has authorized importers to utilize a 90-day deferred payment scheme for the importation of ten essential commodities, a move aimed at ensuring adequate supply and price stability in the market ahead of Ramadan.
According to Bangladesh Sangbad Sangstha, the Foreign Exchange Policy Department-1 of Bangladesh Bank released a circular outlining this new directive. The credit facility applies to the import of rice, wheat (flour), onion, lentils, edible oil, sugar, chickpeas, peas, spices, and dates. Importers may utilize suppliers' or buyers' credit arrangements to settle payments within 90 days of receiving the goods.
Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan stated that the initiative aims to keep commodity prices within the reach of ordinary consumers during Ramadan, a period marked by increased demand. He emphasized that the central bank has enabled banks to support imports under the 90-day credit terms to allow importers to secure enough supplies in advance.
Khan further highlighted that the central bank's intention is to prevent consumers from feeling the burden of rising commodity prices during the holy month. The circular is designed to ensure the affordability of essential goods and prevent any supply-demand mismatches that could lead to price hikes. The facility is specifically introduced for commercial imports to maintain a steady supply of essential food items and keep prices manageable.
The circular also notes that the conditions of an earlier directive, FEPD-1 Circular No. 30, issued on August 13, allowing deferred-payment imports of certain commodities, remain unchanged. The current decision extends this facility to include additional important food items for Ramadan. Bangladesh Bank has instructed authorized dealer banks to inform their clients about the new directive.