BB relaxes rice import rules

Dhaka,  Sat,  24 June 2017
Published : 19 Jun 2017, 20:54:50 | Updated : 19 Jun 2017, 21:07:51
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BB relaxes rice import rules

BB relaxes rice import rules
Bangladesh Bank (BB) has relaxed rice import rules to ensure supply after crop losses in recent flash-floods.

The central bank has instructed banks to allow private traders to import rice without any deposit against letters of credit or LC margin.

The new rules will remain in force until December 31, which will allow the traders to import rice first and make the payments afterwards, the central bank said in a notice on Monday.

The LC margin varies from bank to bank depending on relations between bankers and customers.

In a letter to the chief executives of all banks, the BB said the loss of crops caused by recent floods and heavy rains in parts of the country have created some instability in the market.

Rice imports by private traders slumped 58 per cent year-on-year to 103,200 tonnes between July 1 and May 25 of the outgoing fiscal year, according to bdnews24.com.

 
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