LC opening for Ramadan commodities rises in January

The quantity of Ramadan essential commodities to be imported through letters of credit (LCs) increased in January, which will help keep the commodity market stable, Bangladesh Bank said today.

Except for peas, the import amount of four other essential commodities—sugar, edible oil, onion and dates—rose last month, according to data from the Bangladesh Bank.

The central bank revealed the data of the LC opening at a press conference at the BB headquarters in the capital.

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BB relaxes LC requirements for Ramadan commodities

The upward trend of LC opening for the commodities will remove confusion about the availability of the products during the upcoming Ramadan that will start in March, said Md Mezbaul Haque, spokesperson of the central bank, at the press briefing.

The opening of LCs for sugar increased to 5.65 lakh tonnes in January in contrast to 5.11 lakh tonnes a year ago.

LC for edible oil rose to 3.90 lakh tonnes from 3.52 lakh tonnes, onion to 42,562 tonnes from 36,225 tonnes and dates to 29,481 tonnes from 16,498 tonnes.

LC opening for peas, however, decreased to 2.24 lakh tonnes in January from 2.65 lakh tonnes a year earlier.