The Bangladesh Bank has urged the Commerce Ministry to lift the ceiling on imports under sales contracts, saying the move would ensure timely supplies of essential commodities, cut import costs and help stabilise the domestic market.
In a letter to the ministry, the central bank called for removing the cap to allow bulk imports of daily necessities such as rice, lentils, chickpeas, dates, onions, garlic, ginger and soybean oil.
Imports under sales contracts are currently limited to $500,000 per transaction, a restriction traders say makes bulk shipments impossible, as essential commodities are usually imported by sea in consignments worth $2 million to $2.5 million.
Bangladesh Bank officials, economists and business leaders said allowing larger imports under sales contracts would speed up market supply, reduce scope for price manipulation and help keep consumer prices affordable.
Most consumer goods in Bangladesh are imported through Letters of Credit, which involve contractual obligations between domestic and foreign banks, with banks acting as guarantors for payment and product quality, but the process is time-consuming and costly.
Sales contracts, by contrast, are direct agreements between exporters and importers without bank guarantees, significantly reducing time and transaction costs, bankers said.
Bangladesh Bank data show that during July–October of fiscal year 2025–26, imports worth $60.40 billion were executed through Letters of Credit, while $7.64 billion came through sales contracts, accounting for 12.65 per cent of total imports.
A senior Bangladesh Bank official said the central bank wrote to the Commerce Ministry at the end of 2025, ahead of Ramadan, seeking removal of the cap.
“The governor’s position is clear – imports under sales contracts are faster and help maintain market stability. However, we have yet to receive a response from the commerce ministry,” the official said.
The move comes as prices of essential goods have begun rising again after months of relative stability, with traders blaming delays in cargo clearance at Chattogram Port and consumer rights groups pointing to weak market monitoring.
Within a week, wholesale prices of key Ramadan commodities, including edible oil, sugar, chickpeas and lentils, rose by Tk3 to Tk5 per kilogram.
Bangladesh Bank Governor Ahsan H Mansur said such import restrictions are not beneficial for the economy.
“If imports under sales contracts are made easier, the market becomes stronger and hoarding can be prevented. Most countries use sales contracts for importing essential goods,” he said.
Bankers said Letter of Credit-based imports involve charges such as commission and confirming fees, with a senior official of a state-owned bank saying these could reach nearly Tk3 million for a $2 million Letter of Credit, compared with an opening charge of about $100 for a sales contract.
