Bangladesh Bank (BB) has instructed banks to keep a 100 per cent cash margin for importing 14 luxury goods, including gold, cosmetics, processed food, soft drinks, and leather goods to overcome foreign exchange.
On Thursday, BB's Banking Regulation and Policy Department (BRPD) issued instructions in this regard. This directive took effective from Thursday, reports UNB.
According to the central bank instructions, in the context of the global economic instability situation, to keep the currency and debt management of the country more coherent, instructions are given regarding the determination of the cash margin rate for the establishment of import credit.
A cash margin of 100 per cent shall be maintained in respect of the establishment of import credit for luxury goods and domestically manufactured import substitutes.
A 100 per cent cash margin is required for the import of motorcars, electronic home or office appliances, gold and jewellery, precious metals and pearls, ready-made garments, leather goods, jute products, furniture and decorative items, fruits and flowers, non-cereal foods, processed foods and beverages, canned food, chocolates, biscuits, juice, coffee, soft drinks, alcoholic beverages, tobacco, and tobacco products or substitutes.
