Some 100,000 tonnes of sugar will be imported soon, Bangladesh Bank said on Sunday.
The central bank issued a notice saying that there was no supply shortage of sugar in the market currently.
"We hope sugar prices will stabilize if a little bit of monitoring is done on the market," according to the notice.
GM Abul Kalam Azad, spokesperson of Bangladesh Bank, said the country imported 1.7 million of sugar last year.
Some 1.65 million tonnes of sugar were imported in the first 10 months of this year, he also said.
Around 50,000 tonnes of sugar will be imported in the quickest possible time as letters of credit for the good have already been opened, he said.
Preparations have already been taken to import another 50,000 tonnes soon, Azad added.
Sugar refiners want cut on import duty
Refiners demanded the government withdraw all duties on import of raw sugar due to skyrocketed prices of sugar in the local market.
They also requested ensuring uninterrupted supply of gas to their production units so that they could continue operations and supply of the essential item.
The Bangladesh Sugar Refiners Association (BSRA) in a recent letter to the Commerce Ministry submitted a set of proposals, requesting it to take necessary steps to keep prices of the sweetener stable in the market.
It sought deferred payment facilities all year round on import of raw sugar and the MoC to instruct the banks to open letters of credit (LCs) on a regular basis without any hindrance.
The association also requested to ensure supplying required dollars to facilitate payments of imported sugar.
To keep the domestic market stable, the refiners have been importing raw sugar at international prices.
At present, the commercial banks are allowed to open LCs up to $3 million as per Bangladesh Bank instructions, but one vessel contains 55,000 million tonnes of non-refined sugar worth $ 27-28 million, according to the letter.
Currently, the banking cost has been increased significantly due to opening high volumes of LCs, it added.
Earlier, the import duty was between Tk22,000 and Tk23,000 per tonne.
Now, it has increased to a range between Tk31,500 and Tk32,000 per tonne.
As a result, the mill gate price of sugar (after refining) stands at Tk1 lakh to Tk1.05 lakh per tonne.
However, the refiners are currently selling sugar at Tk85,000 per tonne at the mill gate.
Currently, the daily production capacity of the private refiners is about 10,200 tonnes.
The country's annual demand for sugar is from 1.8 to 2.2 million tonnes.
It imports 2.7 to 2.8 million tonnes of raw sugars annually.