Bangladesh Bank has issued new directives to facilitate imports of 10 essential commodities ahead of the upcoming Ramadan, aiming to ensure adequate supplies and keep the domestic market stable.

Under the new guidelines, banks have been instructed to keep cash margin requirements for opening letters of credit (LCs) for these commodities at the minimum level, based on the banker-customer relationship.

The Banking Regulation and Policy Department of Bangladesh Bank issued a circular in this regard on Sunday (November 8). The circular was sent to the managing directors and chief executive officers of all scheduled banks.

The 10 categories of essential commodities covered by the directive are rice, wheat (flour), onions, pulses, edible oil (soybean and palm oil), sugar, chickpeas, peas, spices and dates.

The central bank has also advised banks to give priority to opening LCs for these products to ensure adequate supplies in the domestic market ahead of Ramadan.

The directive, issued under the authority granted by Section 45 of the Bank Company Act, 1991, came into immediate effect and will remain valid until March 15, 2027.

Earlier, Bangladesh Bank had issued similar instructions to keep cash margin requirements at a minimum for importing several essential consumer goods ahead of Ramadan. The validity of that directive expired on March 31.

Market observers believe the latest move will help accelerate the import process and ensure the timely availability of essential commodities during Ramadan.