Only BB authorised dealers can import gold

Gold or gold jewellery can only be imported in the country though Bangladesh Bank’s (BB) authorised dealers, according to a central bank issued circular. Therefore, any other individual or instituition from now on are barred from importing items made of gold.  

A circular in this regard was issued by Bangladesh Bank Wednesday and sent to the Managing Directors or Chief Executives Officers of all commercial banks. The new directive will take effect immediately, the circular said.

According to sources, in line with Bangladesh Bank’s gold import policy issued in 2016, 19 companies were licensed as gold import dealers for importing gold in October, 2019.

However, only two companies have legally opened LCs in banks and imported a small amount of gold so far. It is alleged that the rest of the gold is being imported illegally from aboard.

The policy provides permission for the import of gold biscuits or gold bars as well as gold jewellery. But only gold ornaments were imported commercially.

Import of gold through dealers would enable local gold prices in line with the international market prices.

Bangladesh Bank’s gold import licenses were issued to Modhumoti Bank Limited, Diamond World, Jewellery House, Ratna Gold, Arosa Gold Corporation, Amin Jewellers, Shreeja Gold Palace Limited, Zarwa House Limited, Milon Bazar, SQ Trading, MK International, Amin Jeweler, Borak Commodity  exchange ltd , Golden World Jewelers , Rhea Jewelers, Lakhie Jewelers, Bidex Gold and Diamond and De Damas The Art of Gallery.

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