BB allows imports of 11 Ramadan commodities on credit

Bangladesh Bank (BB) today allowed the import of 11 essential commodities on credit to ensure their smooth supply and reasonable prices during the next Ramadan, scheduled to begin at the end of February.

The central bank stated that commercial importers can bring in rice, wheat, onions, pulses, edible oil, sugar, eggs, chickpeas, peas, spices, and dates on usance terms—allowing up to 90 days for payment under supplier's or buyer's credit.

The BB said the benefit will remain valid until March 31 next year.

"We offered similar opportunity to the importers last year to ensure increased import and supply of key commodities during the month of Ramadan," said a senior official of the BB.

The BB took the decision after relaxing rules regarding the import of essential commodities to ensure their adequate supply in the domestic market during Ramadan when demand for certain items rises.

The banking regulator asked banks to open letters of credit (LCs) for import of the items based on their relationship with clients, removing the requirement of margin or advance on the import value from the importers of Ramadan items.

The banks were also asked to prioritise the settlement of LCs of Ramadan commodities.