95 private companies to import 0.4m tons of rice

Traders can now bring 30,000 tonnes of parboiled rice and 379,000 tonnes of boiled rice from abroad

The government allowed 95 private companies to bring in 409,000 tons of rice after reducing import duty to rein in spiraling prices.

Traders can now bring 30,000 tonnes of parboiled rice and 379,000 tonnes of boiled rice from abroad.

Rice prices have seen an upward trend in the country since the start of the Boro harvest season.

In June, the Ministry of Food called for import proposals from traders and published the names of companies that received permission.

These companies must issue a letter of credit by Jul 21 and market the imported rice by Aug 11.

Failure to issue an LC in time will result in the cancellation of a company's allotment.

The price of fine rice increased by Tk10-15 to Tk80-85 a kg from two months ago.

The price of coarse rice rose by Tk5 to Tk55, while medium-coarse rice is being sold at Tk58, up from Tk55. On Jun 25, authorities cut the import duty on rice to 25% from 62.5%.

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