The government plans to create an import- support fund with a view to facilitating import of consumer goods and essential commodities to ensure sufficient supplies of such items in the domestic market.
To this end, sources said, commerce ministry wrote to the Financial Institutions Divisions and the Bangladesh Bank, seeking their opinion about the size of fund, type and conditions.
The government has made a move to extend necessary support for opening letters of credit (LCs) to import and supply key essential items unhindered. The decision was made at a meeting in February with additional secretary Md Abdur Rahim Khan in the chair.
Mr Khan proposed to set up such a fund or refinance scheme in this connection.
When contacted, a senior ministry official said the proposal was taken to ease import of consumer items and essential products round the year, including in every Ramadan, to face any crisis or price spiral in future.
"We have also proposed to introduce a refinance scheme if the import support is not formed," he mentioned.
The official, however, said local private-sector importers also availed the facility to import necessary goods to help keep the commodity market stable in future, especially during the fasting month.
Commodity prices may go up in domestic and international markets anytime. So, the government wants to stay prepared to successfully intervene in the market in the coming days, according to him.
A senior official at the finance division said imports of fertilisers, food items, LNG, fuel oil and some other essential items have been affected in recent times due to a dearth of foreign currencies in state-owned banks.
The banks were also facing difficulties in making outstanding payments of the independent power producers.
Currently, some consumer and essential items are mainly imported throughout the year to meet local demand, according to a meeting source.
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