Local Sugar Refiners Seek 10% LC Margin for Imports

On 20 November 2023, over 300 people gathered at Mirpur-10 under the metro rail station for subsidized essentials from the Trading Corporation of Bangladesh (TCB). Despite waiting since early morning, the truck arrived late at 12:52 PM, forcing many, including the elderly and pregnant women, to endure long hours under harsh conditions.

The National Board of Revenue (NBR) reduced the value-added tax (VAT) on soybean oil imports from 10% to 5% effective until December 15, as stated in a circular on November 20. This measure aims to stabilize edible oil prices in the local market. Previously, on October 17, the NBR had granted a 15% tax exemption on local production and a 5% exemption on the supply of refined and unrefined soybean and palm oil.

To address rising egg prices and ensure adequate supply, the government has authorized the import of 18.80 crore eggs through 42 firms, with import permits valid until January 31, according to a Commerce Ministry notification issued on November 19. This comes as two pairs of brown eggs are currently selling for Tk 48–50 in Dhaka, reflecting a 12.64% price hike from Tk 42–45 a year ago.

Midland Bank PLC and BP Manufacturing (BD) Co. Ltd. recently signed a Memorandum of Understanding (MoU) at BP Manufacturing’s headquarters in Uttara EPZ, Nilphamari.

Salt farmers in Cox's Bazar, the hub of Bangladesh's salt production, are reluctant to start cultivation this season despite favorable weather. Unsold stockpiles from the previous season, when a record 24.38 lakh tonnes of salt were produced, have suppressed market prices. Farmers report losses as they are forced to sell their stock for as low as Tk 310 per maund, compared to Tk 400-450 three months ago.