In a bid to ensure a steady supply of essential food items during Ramadan, Bangladesh Bank (BB) has relaxed the rules for importing key commodities. A circular issued on November 6 allows banks to open Letters of Credit (LCs) for items like rice, wheat, onion, pulses, edible oil, sugar, eggs, chickpeas, spices, and dates, based on their relationship with clients.
The central bank has recommended that banks set minimum margins or advance payments on the import value for Ramadan-related items. In addition, BB has directed banks to prioritize the settlement of LCs for food commodities to ensure the timely availability of these essentials during the holy month.
This move aims to prevent shortages and maintain smooth imports, helping to stabilize the market and ensure that consumers have access to necessary food items during Ramadan. The relaxed rules are expected to provide relief to both importers and consumers during the festive season.
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