Regulatory Alerts2020-09-17
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BRPD Circular Letter No. 46: L/C Margin for Onion Import
The Banking Regulation and Policy Department of Bangladesh Bank advises scheduled banks to maintain a minimum margin for letters of credit established for onion imports. This directive aims to ensure stable supply and prices in the local market following recent international price increases. The instruction is effective immediately and remains valid until December 31, 2020.
Ref No.: BRPD/Reg/Pol/25 Banking Regulation and Policy Department Bangladesh Bank Head Office Dhaka. 17 September 2020 BRPD Circular Letter No.- 46 Date: ------------------ 02 Ashwin 1427 Managing Director / Chief Executive All Scheduled Banks operating in Bangladesh. Dear Sir, Re: Margin rate for establishing Letter of Credit for Onion Import. In paragraph 03 of BRPD Circular Letter No.-05 dated 02 March 2020, you were advised to maintain a minimum margin for establishing Letters of Credit for import of certain essential consumer goods including onions, which was valid until 30 May 2020.
- Recently, due to the increase in onion prices in the international market, an upward trend in onion prices has also been observed in the local market. In this context, to keep the supply of onions in the market normal and prices stable, you are hereby advised to maintain a minimum margin for establishing Letters of Credit for onion imports.
This instruction will take immediate effect and remain valid until 31 December 2020.
This instruction is issued under the powers conferred by Section 45 of the Bank Company Act, 1991.
Yours faithfully, (Md. Nazrul Islam) Deputy General Manager Phone: 9530252
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