Key consumer items alongside industrial raw materials can be imported on supplier's or buyer's credit under 90-day usance approved by the central bank for cooling the overheated market.
Bangladesh Bank (BB) has allowed eight key items to be imported on such deferred payment under the usance, particularly to keep prices stable during the upcoming month of fasting, officials said.
This is aimed at stabilizing the prices of essentials during the holy month of Ramadan as the prices of some key kitchen items usually rise during the month or months ahead following a surge in demand.
The consumer goods are edible oils, chickpeas, pulses, peas, onions, spices, sugar, and dates.
One central banker said, "This is for facilitating the trading in the key items as this opportunity will give the traders 90 days for import payment."
The central bank also allows such type of imports for certain industrial raw materials, he said.
The facility will remain applicable for initiation of import till March 31 this year, said the Bangladesh Bank in a notification on Thursday. In international trade, usance is the allowable time, permitted by the customs, between the date of the bill and its payment.
People in the banking industry say many traders cash in on poor imports. Now goods can be imported timely.
"Now, if the banks follow the proper procedure and open the import letter of credit (LC), the goods will arrive before Ramadan. This will ensure the supply of essential products on the occasion of holy Ramadan," said the CEO of a private commercial bank.
The central bank also had extended the same facility for four months to March 31 last year.
© 2024 - All Rights with The Financial Express
