Bangladesh Bank has given priority to open LCs (letters of credit) and preserve cash margin for import of daily necessities during the month of holy Ramadan.
Bangladesh Bank issued a notification in this regard on Wednesday (January 17) to the Managing Directors (MDs) and Chief Executive Officers (CEOs) of all scheduled banks operating in Bangladesh.
It is said that during the fasting month of last year, instructions were given regarding the determination of the rate of cash margin to be maintained in the case of opening LCs (letters of credit) for some daily consumer goods. At the same time, in view of the increase in demand for such consumer goods on the occasion of the upcoming holy month of fasting, the cash to be saved for opening import LCs (letters of credit) of edible oil, chickpeas, pulses, peas, onions, spices, sugar and dates to ensure the necessary supply by simplifying the import of these products. Instructions are given to keep the margin rate at minimum level based on banker-customer relationship. Advice was given to give priority in providing import credit to ensure supply of the mentioned products in the domestic market. This directive will come into effect immediately and will remain in force till March 31 this year.