BB relaxes LC rules for Ramadan

Staff Reporter:

Bangladesh Bank (BB) has relaxed rules for import of essential food commodities to ensure adequate supplies during the holy month of Ramadan.
Banks will open letters of credit (LCs) for import of items such as rice, wheat, onion, pulse, edible oil, sugar, egg, chickpea, spices and dates based on their relationship with clients, a BB release said yester-day.
The central bank suggested banks keep minimum margins or advance on the import value from import-ers of Ramadan items.
The directive will be effective till March 31.