Minimum LC margin or LC zero margin has been allowed for importing essential commodities to meet consumption demands for next Ramadan, said Commerce Minister Tipu Munshi on Wednesday. But because of LC opening other businesses will not suffer, he said. Later, buyers can pay the dues of the commodities after 6 months as per the rules, he added. “Dollars are being supplied as per the market situation in terms of imports. However, for remittance payment the amount is not given less,” he said. The minister said the prices of pulses, oil and sugar, which need to be imported, have increased slightly following increase in the global market. Read more: E-commerce has a billion-dollar prospect in Bangladesh: Tipu Munshi But the prices of agricultural products in the country are low and may stay stable for the next two to three months, he added. He said the prices of imported goods have increased because of higher dollar rates. In line with the dollar rates the prices of those goods are being fixed. That’s why the inflation remained under control compared with other countries, he said. The minister said that the purchasing power of the people is limited. So, as long as it is necessary, one crore families will be provided with essential commodities at subsidized prices through TCB (Trading Corporation of Bangladesh). He said that Prime Minister Sheikh Hasina has asked all to be economic to check the cost of imports. About 40 percent electricity consumption of the country has been reduced through special initiatives. Currently, the difference between the import and export volume has narrowed. Dollars are being saved by reducing imports of luxury goods. On Tuesday, Bangladesh Bank has allowed 8 essential commodities “usance term” (credit for suppliers/buyers) to meet consumption demands for next Ramadan. Read more: LCs under scanner to check money laundering: Tipu Munshi The foreign exchange policy department of Bangladesh Bank on Tuesday issued a circular on 90-day credit facility for suppliers/buyers of these commodities with immediate effect. This facility will remain applicable for the initiation of imports till March 31, 2023. Traders got the opportunity to import edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates under 90 days of suppliers'/buyers' credit.

A syndicate monopolising and hoarding daily commodities, including soybean oil, for extra profit is unacceptable, said the High Court on Sunday. The HC bench of Justice Farah Mahbub and Justice SM Moniruzzaman made the remarks while hearing a writ petition seeking directions to set up a monitoring cell to control soybean oil prices in the market. The court said some people buy more soybean oil than they need, which may lead to higher prices in the market. In the case of daily commodities including soybean oil, it is not acceptable for a syndicate to have monopoly business and stockpile products for extra profit. Also read: HC to hear writ seeking directions to rein in edible oil prices Monday Instructing the writ petitioners to amend the petition, the court said there can be an artificial crisis of all essential commodities ahead of the month of Ramadan. Not just soybean oil, but all essential commodities are included in the writ. Such an order should be given for the benefit of every citizen of the country. The court also said that the Trading Corporation of Bangladesh (TCB) needs to formulate a policy on the distribution of essential commodities. The court also set Monday for the hearing of the petition. Advocate Syed Mohidul Kabir appeared for the writ petition in the court while Deputy Attorney General Pratikar Chakma represented the state. Earlier on March 6, Supreme Court lawyers Monir Hossain, Syed Mohidul Kabir and Mohammad Ullah filed the writ petition in the public interest. The secretary of Commerce Ministry, Consumer Rights Authority and others were made respondents in the petition. Also read: VAT on import of edible oil, other commodities withdrawn: Minister On March 3, the three lawyers brought the issue of soybean oil price hike to the notice of HC following a report published in an English daily about the hike in the price of soybean oil. According to the report, a group of traders in Bangladesh has raised the price of soybean oil at an unusual rate, taking advantage of the Russia-Ukraine war. On March 2, the price of a liter of loose soybean was charged at Tk 175 from the buyers in the market that is fixed at Tk 143 by the government.