The Bangladesh Bank (BB) has allowed imports of edible oil, chickpeas, pulse, peas, onion, spices, sugar, and dates on usance terms for up to 90 days under supplier's or buyer's credits.
The central bank issued a circular in this regard on Thursday.
In the circular, BB said that the facility aims to facilitate import transactions and will remain applicable for the initiation of imports until 31 March of this year.
The central bank also extended the same facility for four months to 31 March last year.
A Bangladesh Bank official emphasised 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, ADs are expected to expedite the opening of import letters of credit (LCs), following proper procedures to guarantee the on-time arrival of goods.
This approach is anticipated to secure a steady flow of essential items for Ramadan, meet the heightened demand, and contribute to the overall wellbeing of the community during the month of Ramadan.