BB joins in to curb Ramadan price hike
The central bank yesterday instructed banks to settle letters of credit for 17 essential commodities promptly for uninterrupted supply during Ramadan.
As per the Bangladesh Bank notice, banks will have to give all-out support to importers as demand of such commodities usually see a spike during Ramadan, said a Bangladesh Bank official.
The 17 commodities are: onion, garlic, lentils, chickpeas, dried chilies, cassia, clove, edible soya bean and palm oil, according to a central bank notice sent out to all lenders.
The BB has taken the initiative following a request of the commerce ministry so that the commodity market will be stable, said a high official of the central bank.
“A vested quarter attempts to hike the cost of items artificially during Ramadan. So, both the central bank and the ministry have taken such initiative to cool down the market.”
The onion market has yet to return to normal after a sudden price escalation following the import of the product banned by neighbouring India.
The BB official expressed hope that the price of the basic commodity will go down further in the days ahead.
