BB allows import of eight essentials on deferred payment

Eight different categories of necessary items can now be imported by businesses on a deferred payment basis according to new facilities allowed by the central bank in an effort to ensure availability of these products throughout the approaching holy month of Ramadan.

Edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates are among these products.

According to Md Sarwar Hossain, director of the Bangladesh Bank's (BB) Foreign Exchange Policy Department (FEPD), "The central bank has granted this privilege to the authorized importers to make the supply of these commodities surplus during Ramadan and to keep prices of these products at tolerable limit."

He added that the FEPD has also released a circular in this regard today in order to address the shortage of these necessities during Ramadan.

For the import of these items on deferred payment terms up to 90 days under the suppliers/buyers' credit scheme, authorized dealers will be permitted to open Letters of Credits (LCs) under the facility.

The facility will continue to be in effect from the date imports began until March 31, 2023.

Following a BB directive to all scheduled banks to maintain the cash margin of import LCs at the lowest level in accordance with their relationships with subscribers, the most recent central bank circular was issued.