Bangladesh Bank has eased the import of daily necessities in the upcoming Ramadan. At the same time, the central bank has also instructed the banks to keep the prices of consumer goods at a tolerable level. In the case of importing goods, earlier there was a directive to keep 100 percent margin or security value, but now the margin will be determined on the basis of customer-bank relationship.
A circular in this regard was issued on Wednesday (November 6).
It has been said that in view of the increase in demand for consumer goods on the occasion of the holy month of Ramadan, import credit for rice, wheat, onion, pulses, edible oil, sugar, eggs, chickpeas, peas, spices and dates to ensure the necessary supply by simplifying the import of those products to keep the prices at a bearable level. Instructions are given to keep the cash margin rate to be maintained at a minimum level on the basis of banker-customer relationship. Bangladesh Bank says that it is advised to give priority to the establishment of import credit to ensure the supply of the mentioned products in the domestic market. This directive will remain in force till March 31, 2025.
According to industry insiders, importers will need less cash due to relaxation of LC margin. It will also reduce import costs. As a result, due to this advantage, the price of these products in the market should decrease to some extent. The dollar crisis has recently hampered the opening of LCs for these products. As a result traders are facing problems in opening LCs of pulses, edible oil, chickpeas, dates, various fruits. The overall import of the country has already decreased. But this initiative has been taken to ensure adequate supply of essential commodities during the upcoming fast.
Incidentally, the government procurement advisory committee meeting on October 31 approved the purchase of essential products for Ramadan. The government is making preparations in advance so that there is no shortage of essential products in the coming month of Ramadan. For this, the import of sugar, gram and soybeans has been approved. There the proposal to buy 90 thousand tons of urea fertilizer and two cargoes of LNG was approved.
After the meeting, Finance and Trade Adviser Salehuddin Ahmed told reporters, “These products are very important. Their import has been approved. The government has allowed the import earlier, thinking that the demand for chickpeas and soybeans will increase during fasting. Government organization Trading Corporation of Bangladesh (TCB) will import sugar, chickpeas and soybeans. A decision will be taken soon on the import of dates. Even if there is an overall financial crisis, the government does not want the common man to suffer; That’s why this decision.
According to ministry sources, the proposal to purchase 5000 metric tons of sugar through local open tender system was approved in the meeting. This sugar will be bought at the rate of 120 taka 92 paise per kg for a total of taka 60 crore 46 lakh. Apart from this, the proposal to purchase 10 thousand metric tons of chickpeas in international open tender system has been approved. These chickpeas will be bought for a total of 101 crores 99 lakhs 40 thousand taka at the rate of 107 taka 39 paise per kg.
The proposal to purchase 32 lakh 60 thousand liters of soybean oil at the rate of 163 taka 15 paise in local open tender system has been approved. The total cost will be 53 crore 18 lakh 659 thousand taka.
