The Bangladesh Bank on Saturday instructed commercial banks to allow opening of letters of credit with a maximum of 5 per cent margin for baby food import to ensure sufficient supply of the essential item amid the coronavirus outbreak in the country.
The central bank in a circular said that the banks would charge a maximum of 5 per cent LC margin on the basis of bank-client relationship for the import of baby food till June 30.
It means that importers can open LCs by paying a maximum of 5 per cent of the import value to the banks and pay the remaining amount in phases later, said a BB official.
The importers will have to observe the greatest caution to ensure that the imported goods are free from the coronavirus, the BB circular said.
It said that there was fear of baby food shortage on the international and local markets due to the ongoing pandemic.
Under the circumstances, the banks were asked to set a maximum of 5 per cent LC margin for baby food import to keep the supply and prices of the item stable, it said.
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