The Bangladesh Bank has instructed commercial banks to facilitate the import of essential commodities for the upcoming holy month of Ramadan, in a move to ensure an ample supply and stable prices.
The central bank’s directive covers key Ramadan necessities, including chickpeas, dates, pulses, onions, sugar, and edible oil.
The Governor, Dr. Ahsan H. Mansur, in a meeting with businessmen and commodity importers, gave this instruction.
He indicates that, unlike previous years, importers are facing no anxiety regarding the availability of foreign currency, as commercial banks currently possess adequate US dollar reserves.
Furthermore, the central bank has assured cooperation, stating it will provide necessary support if any bank faces a temporary dollar crunch while opening Letters of Credit (LCs) for Ramadan-related goods.
Sources familiar with the matter revealed that the target for essential commodity imports for Ramadan has been set high, deliberately designed to surpass the fasting month's domestic requirement. Any surplus stock is intended to be sold in the market post-Ramadan.
Before a scheduled trip abroad, the governor reportedly instructed concerned officials to ensure a smooth and unhindered process for the import of these essential goods.
The Governor has also signaled a potential pause in the central bank’s ongoing dollar purchase from commercial banks, provided the dollar liquidity remains sufficient.
A senior BB official, speaking on condition of anonymity, stated, "Previously, Bangladesh Bank had to supply dollars for imports due to scarcity. Now, we have adequate reserves. Therefore, the Governor has instructed the import of commodities in surplus quantities above the targeted demand."
The official added that the rise in foreign exchange reserves has brought a sense of relief regarding the dollar situation. The Governor has hinted at suspending dollar purchases for three to four months preceding Ramadan, if the situation warrants it.
