Bangladesh Bank (BB) on Sunday asked banks to open letters of credit (LC) for importing essential commodities to ensure stable supply in Ramadan at a minimum margin. The banking regulation and policy department of the central bank issued a circular in this regard and sent it to the top executives of the scheduled banks with an immediate effect. The financial sector regulator has issued the directive to regulate price and ensure enough supply of essential commodities such as edible oil, chickpeas, pulses, peas, onions, spices, sugar and dates during Ramadan. Read more: Monetary policy twice a year: BB According to the directives, the rate of cash margin to be reserved for import letters of credit (LC) of products. They issued the directive after recent meetings with trade bodies and the Ministry of Commerce. The businesses leaders have demanded that authorities allow them to open LC easily. The Bangladesh Bank tightened the LC opening to check unnecessary imports amid the foreign exchange crisis in the domestic market. Besides, the central banks also looked into the LC prices of goods, and whether it is arriving in the country at a due time or not because Bangladesh Financial Intelligence Unit (BFIU) and the BB in an investigation found that some traders smuggled money in the name of imports. Read more: General inflation in Bangladesh slightly down to 8.85% in Nov In some cases, the traders raised the price of goods from 20 percent to 200 percent in January-June this year. As a result, the central bank imposed strict monitoring on the LCs to protect against over-invoicing and under-invoicing.

Fixed income group and lower middle class people are struggling to cope with soaring prices of edible oil, rice, flour, eggs, onions, sugar, lentils, meat and fish. Though the Directorate of National Consumers Right Protection (DNCRP) is focusing on controlling the price of edible oil, other commodities are selling at a higher price. Without any valid reason prices of these are being hiked twice in a week, said advocate Humayun Kabir Bhuiyan, General Secretary, Consumers Association of Bangladesh (CAB). “Soybean prices are being discussed and criticized across the country for various reasons such as shortage of supply, stockpiling, manipulation of mill owners, high profitability of sellers. The government should work to monitor and make decisions on the situation on the ground,” he told UNB. The reality is not just edible oil, prices of all products are going up, he said. Also read: Govt doing its best to rein in prices of essential commodities: PM The non-governmental organization Consumers Forum (CF) has analyzed the wholesale market from January to March this year.

Prime Minister Sheikh Hasina on Sunday said her government is doing its best to control the prices of daily essentials in the country amid the high global inflation rate. “We’ve been trying our best to keep the prices of essentials under control,” she said while inaugurating 40 new fire stations in different places of the county. The prime minister also directed the authorities concerned to take proper actions against the hoarders of essential items and those who play with their prices. She made the directive while inaugurating 40 new fire stations constructed in different places of the country. She joined the inaugural function at the Fire Service and Civil Defence Headquarters in the city’s Fulbaria through a videoconference from her official residence Ganobhaban. READ: PM lays foundation stone of Ghorashal Urea Fertilizer Project

The commerce minister Tipu Munshi MP on Sunday said there is no possibility of shortage of any goods during the Ramadan as there is enough stock. The prices of almost all goods have remained stable and it will continue, as the ministry is working against illegal stocking and creating panic in the markets, he said. The minister came up with the remarks while addressing a press briefing after visiting Karwan Bazar, the largest kitchen market in the capital on Sunday. Also read: Prices of essentials to stay tolerable during Ramadan: PM Tipu Munshi said the consumers are getting benefits from the tax reduction and tax withdrawing on essential commodities.