Central bank allows usance import of Ramadan items

The Foreign Exchange Policy Department of Bangladesh Bank has allowed the imports of eight food items on usance terms, for up to 90 days under suppliers’ or buyers’ credit. The items are – edible oil, chickpea, pulse, pea, onion, spices, sugar, and dates.

This facility will remain applicable for the initiation of imports till March 31, 2023, read a circular issued on Tuesday.

On Sunday, the Bangladesh Bank instructed banks to relax the opening margin rate for settlement of Letters of Credit (LC) against these items at the minimum level based on the bank-client relationship, to keep the prices of such essential items at a tolerable level.

Officials concerned said such initiatives of the Bangladesh Bank would help ensure the adequate supply of essential items during the Holy Month of Ramadan.

The central bank fixed the opening margin rate for the settlement of letters of credit at 75 per cent in a bid to limit imports to save the depleting reserves of foreign currency.