The government has cut the rice import duty to 25 per cent from the existing 62.5 per cent in an effort to keep the rice market stable and ensure the staple grain’s available supply in the local market.
The National Board of Revenue (NBR) on Thursday issued a statutory regulatory order (SRO) in this regard, which came into effect on June 22 and will remain effective until October 31 this year.
The Ministry of Food has been importing rice since last fiscal year despite the Ministry of Agriculture claiming record rice production. The high prices of the staple grain affected the low-income group particularly.
The Russia-Ukraine war and subsequent Indian decision on banning wheat export further created impacts on the rice market.
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Due to the wheat price hike in the local market, consumers have turned to the essential food grain, resulting in high demand for rice.
Moreover, the Ministry of Food warned the ongoing Sylhet flood would affect the domestic food supply chain which might cause further price hikes of rice.
