BB relaxes deferred payment rules to ensure uninterrupted supply of onion

Bangladesh Bank (BB) has relaxed the foreign exchange transactions rules for traders by allowing them to open Letters of Credit (LCs) for imports of onion on 90 days deferred or usance
basis under supplier’s or buyer’s credit terms.

“To facilitate uninterrupted supply and stabilize the price of onion in commodity market, it has been decided that Authorized Dealers (ADs) may open LCs for imports of onion on 90 days deferred or usance basis under supplier’s or buyer’s credit terms,” said a BB circular issued today.

The instruction would be effective until December 31 this year.