Staff Reporter :
The central bank has directed the banks to keep the lending rate on onion import financing at maximum 9.0 per cent to ensure smooth supply of the item to the local market.
The Banking Regulation and Policy Department of (BRPD) of Bangladesh Bank (BB) issued a circular in this connection on Wednesday, asking all managing directors and chief executive officers (CEOs) of the banks to comply with its latest directive.
“It is noticed that the onion price is upward trend in the local market due to rise in the price in international market. So, there is crisis of onion at the consumer level,” read the BB circular, adding, “In this circumstance, BB asked banks to finance in importing of onion with 9.0 per cent interest for ensuring enough supply of onion in the local market and preventing the upward trend of price.”
BB’s order will remain effective until December 31.
Besides, BB suggested banks to keep the lowest margin for opening letter of credits (LCs) to import onions.
The prices of onion have already crossed Tk 100 a kg at wholesale and retail markets in Dhaka and across the country following Indian export ban on the key cooking ingredient.
The central bank has directed the banks to keep the lending rate on onion import financing at maximum 9.0 per cent to ensure smooth supply of the item to the local market.
The Banking Regulation and Policy Department of (BRPD) of Bangladesh Bank (BB) issued a circular in this connection on Wednesday, asking all managing directors and chief executive officers (CEOs) of the banks to comply with its latest directive.
“It is noticed that the onion price is upward trend in the local market due to rise in the price in international market. So, there is crisis of onion at the consumer level,” read the BB circular, adding, “In this circumstance, BB asked banks to finance in importing of onion with 9.0 per cent interest for ensuring enough supply of onion in the local market and preventing the upward trend of price.”
BB’s order will remain effective until December 31.
Besides, BB suggested banks to keep the lowest margin for opening letter of credits (LCs) to import onions.
The prices of onion have already crossed Tk 100 a kg at wholesale and retail markets in Dhaka and across the country following Indian export ban on the key cooking ingredient.
