BB further relaxes rice import rules
Dhaka: Bangladesh Bank further relaxed rice import rules by allowing private importers to open LCs on deferred or usance basis or under buyer's credit for up to 90 days term until December 31 this year.
Earlier, on June 10, the central bank instructed banks to allow private traders to import rice without any deposit against letters of credit or LC margin.
Now, through a new circular issued by Foreign Exchange Policy Department, dated July 20, said, "It has now been decided that LCs against deferred or usance basis or under buyer's credit up to 90 days term for import of rice may be issued till December 31, 2017. Other instructions in this context shall remain unchanged".
The latest instruction to the banks as authorized dealers of foreign exchange came against the backdrop of growing concern about the country's food-grain reserve.
Through this instruction, traders said, the government has been trying to encourage the private sector to import more rice into the country to meet any possible shortage in rice production following floods in different north-eastern districts.