Economy Desk: The Central Bank has given instructions to keep the minimum cash margin reserved for setting up credit for the import of eight products, including onions, oil, chickpeas, and dates. Bangladesh Bank has given this instruction to facilitate imports in order to ensure supply as per the demand for consumer goods during Ramadan. This directive will come into effect immediately and will remain in force until March 31.
On Wednesday, Bangladesh Bank’s Banking Regulations and Policy Department issued an instruction in this regard and sent it to the Managing Director and Chief Executive Officer of all listed banks operating in the country.
Regarding the establishment of import credit and preservation of cash margin on the occasion of the month of Ramadan, it has been said that earlier, through a circular, instructions were given regarding the determination of the rate of cash margin to be preserved in the case of the establishment of import credit for some daily consumer goods during the month of Ramadan last year.
In view of the increase in demand for such consumer goods on the occasion of the upcoming Ramadan, to ensure the necessary supply by simplifying the import of these products by keeping the prices at a bearable level, the cash margin rate to be reserved in the case of the establishment of import credit for edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates is a banker-customer relationship. Bangladesh Bank has instructed the banks to keep the basis at a minimum level.
Suggestions have been made to prioritize the establishment of import credit to ensure supply of the said products in the domestic market. The Central Bank has issued this directive under the powers given in Section 45 of the Bank Companies Act, 1991.
