Commerce Ministry asks BB to release dollars

The commerce ministry has asked the central bank to provide the scheduled banks with the necessary US dollars for opening letters of credit (LCs) to import six essential commodities ahead of Ramadan.

The ministry, in a letter, requested the Bangladesh Bank to provide the banks with $250 crore from its reserves to ensure sufficient imports of oil, onion, chickpea, date, sugar and lentils before Ramadan, commerce ministry Senior Secretary Tapan Kanti Ghosh confirmed to The Business Post.

Just a month ago, the ministry had requested the central bank to provide the banks with the necessary dollars for opening LCs which went unheeded.

Now, the Bangladesh Bank is providing the banks with dollars from its reserves only for importing fertilisers and fuels.

According to sources, officials concerned in a meeting with Commerce Secretary Tapan in the chair on Sunday expressed concerns over the situation regarding the LC-opening and import of essential commodities.

“Commodity prices will rise if the central bank does not supply dollars from its reserves to import commodities to meet Ramadan demand. We do not have much time in hand,” Tapan told The Business Post.