Deferred import payment facility for 8 commodities

The central bank today allowed the import of edible oil, chickpea, pulse, pea, onion, spices, sugar and date on usance terms for up to 90 days under supplier's or buyer's credit.

The move was taken to facilitate import transactions, said the Bangladesh Bank in a notice.

The facility will remain applicable for the initiation of imports till March 31, 2023.

In international trade, usance is the allowable period of time, permitted by custom, between the date of the bill and its payment. It is also the interest charged on borrowed funds.