Bangladesh Bank authorises 90-day buyers‍‍` credit to import essentials for Ramadan

In a strategic move to bolster supplies during Ramadan, the Bangladesh Bank has authorized a 90-day buyers‍‍` credit for importing eight essential products. This initiative, announced in a notification by the bank‍‍`s Foreign Exchange Policy Department today, aims to ensure adequate supply and stable prices for critical commodities during the holy month.

The list of permitted imports under this scheme includes edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates. The central bank‍‍`s directive, effective immediately, allows for deferred payments on these imports, a policy designed to remain in effect for import initiations until March 31, 2024.

A Bangladesh Bank official emphasized the necessity of this decision, stating, "This measure is critical to prevent a supply crisis and price escalation of these essential products during Ramadan. Ensuring these goods are imported in a timely manner is paramount to maintaining the supply chain during this significant period."

Under the new guidelines, authorized dealers (ADs) are expected to expedite the opening of import letters of credit (LCs), following proper procedures to guarantee on-time arrival of goods.

This approach is anticipated to secure a steady flow of essential items for Ramadan, meeting the heightened demand and contributing to the overall wellbeing of the community during this sacred time.