BB orders to ease LC opening of daily commodities during Ramadan

Staff Correspondent: Bangladesh Bank has instructed the banks to provide maximum support to imports to ensure price control and supply of essential commodities during the holy month of Ramadan. For this reason, banks have been instructed to facilitate import LC of daily commodities (edible oil, chickpeas, pulses, onions, dates, fruits and other products including sugar).
Bangladesh Bank’s executive director and new spokesperson Md. MajbaulHaq informed this after a meeting of Association of Bankers Bangladesh (ABB).
MajbaulHaque said that several issues were discussed in yesterday’s meeting. One of these is the facilitation of Import Letters of Credit (LC) to ensure supply of essential commodities during Ramadan. Bank MDs have been instructed in this regard. The Governor of Bangladesh Bank has instructed the MDs of all banks to provide all kinds of assistance in the import to ensure the supply of daily necessities during the month of Ramadan.
Regarding LC, he further said that unnecessary LCs are being opened and closed. However, it has also been suggested to keep the margin rate at a minimum level in the case of import financing of daily commodities during Ramadan.