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Bangladesh Bank Eases Import Terms for Ramadan Essentials
Bangladesh Bank (BB) has relaxed payment terms for the import of 11 essential food items in preparation for the holy month of Ramadan. The items include rice, wheat, onions, pulses, edible oil, sugar, eggs, chickpeas, peas, spices, and dates.
On November 11, the BB’s Foreign Exchange Policy Department issued a circular allowing delayed payment of up to 90 days for these imports under supplier’s or buyer’s credit. This measure is aimed at ensuring a stable supply of essential foods and keeping prices at reasonable levels during Ramadan.
The central bank’s decision will remain in effect until March 31, 2025. The move is expected to ease the financial burden on importers, as demand for these products typically rises during the pre-Ramadan period.
Earlier, on November 6, BB had also relaxed the requirement for a 100% margin for Letters of Credit (LCs) on imports. The new policy allows banks to determine the margin based on their relationship with the customer, further reducing the cash flow pressure and import costs for traders.