The Bangladesh Bank has introduced a 90-day deferred payment facility for imports of 10 essential commodities ahead of Ramadan, aiming to ensure adequate supplies and keep market prices stable.
The Foreign Exchange Policy Department-1 of the central bank issued a circular to this effect on Wednesday.
Under the new arrangement, the facility will cover imports of rice, wheat (flour), onions, lentils, edible oil, sugar, chickpeas, peas, spices and dates.
Importers will be allowed to bring in the commodities under suppliers’ credit or buyers’ credit arrangements and settle payments within 90 days of receiving the goods.
Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan said the initiative was taken to keep the prices of essential commodities, which usually see higher demand during Ramadan, within the purchasing capacity of ordinary consumers.
He said the central bank had instructed banks to facilitate imports under buyers’ or suppliers’ credit arrangements for up to 90 days, enabling traders to make advance preparations to ensure sufficient supplies.
“Importers will be able to pay for the imported goods after 90 days,” he said.
Arif Hossain Khan said the central bank wanted to prevent consumers from facing additional financial pressure due to rising commodity prices during Ramadan.
The measure is intended to help people buy essential goods at relatively affordable prices, he added.
He also noted that any imbalance between supply and demand could drive up prices. Allowing traders to import goods ahead of Ramadan would help ensure adequate stocks, prevent shortages and ease upward pressure on the market, he said.
According to the circular, the facility has been introduced to facilitate commercial imports, maintain the regular supply of essential food commodities during Ramadan and keep prices at tolerable levels.
Under the arrangement, importers will not need to pay the full import value immediately and can settle their dues within 90 days.
The circular also referred to an earlier directive, FEPD-1 Circular No. 30, issued on 13 August, which allowed deferred-payment imports of certain commodities under Part-D, paragraph 1(1).
The latest directive extends the facility to additional important food commodities ahead of Ramadan, while all other instructions under the previous circular will remain unchanged.
The central bank has instructed authorised dealer banks to notify their respective clients about the new facility.
