• Monday, Aug 10, 2020
  • Last Update : 02:18 pm

Importing 9 essential food items: Banks asked to enforce 9% lending rate right away

  • Published at 10:31 pm March 2nd, 2020
food items

Earlier, the central bank on February 24 asked the banks to implement the 9% lending rate from April 1 for all types of lending except for credit cards

Bangladesh Bank (BB) on Monday asked scheduled banks to implement 9% lending rate immediately in importing nine types of food items including edible oil, dates and onion.

The directives are aimed at easing supply of essential food products at affordable prices during the month of Ramadan, says a BB circular issued on the same day.

The nine essential products are edible oil, onion, sugar, gram, spices, fruits, dates, chickpeas and pulses.

“It is important to contain the spiralling prices of essential consumer goods during the month of Ramadan and make sure that their smooth supply is ensured immediately,” reads the notice.

“So, banks’ interest rates for import financing are required to be reduced.”

Besides, the notice of the BB also asked banks to keep the loan margin for the products at minimum level. The minimum margin will be in place until May 30, this year.

Earlier, the central bank on February 24 asked the banks to implement the 9% lending rate from April 1 for all types of lending except for credit cards.

The month of Ramadan is likely to begin in the last week of next month.

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