Online Desk: Following a meeting with traders, the Ministry of Commerce (MoC) has announced it will formally request the Bangladesh Bank to allow zero-margin imports of six key food items ahead of the month of fasting, Ramadan.

The meeting, held at the Secretariat, brought together representatives from various ministries, trade bodies, law-enforcement agencies, the National Board of Revenue and the Bangladesh Bank.

They reviewed the stock and supply situation of six essential commodities: edible oil, sugar, lentils, onions, chickpeas (gram) and dates.

A zero-margin import facility is a temporary programme offered by the central bank that allows importers to open Letters of Credit (LCs) for essential goods without having to deposit any upfront margin money. This facilitates the import of essentials without tying up importers’ capital.

According to Senior Commerce Secretary Tapan Kanti Ghosh, who chaired the Wednesday meeting, the ministry will write to the Bangladesh Bank to facilitate the opening of necessary LCs and ensure adequate US dollar availability for importing the six commodities. Officials expect the letter to be sent today (Thursday).

A source at the meeting said traders have assured the government of their full cooperation in maintaining a stable supply chain and keeping prices under control for essential items in the lead-up to Ramadan.

They also confirmed sufficient stocks of soybeans, onions, garlic, ginger, lentils, dates and sugar to meet upcoming demand.

Senior Commerce Secretary Tapan Kanti Ghosh expressed optimism that the prices of essential items would not go up before or during Ramadan since the government has taken necessary measures to maintain stability.

“We discussed products like edible oils, sugar, lentils, onions, chickpeas, and dates, which see increased demand during Ramadan compared to regular times,” Mr Ghosh said. “We reviewed the stock position of these goods and plan to increase imports over the next two months.”

He said that the overall import situation is now stable. However, there were recent challenges with sugar imports.

The top commerce official said that lower sugar import volumes over the past seven to eight months have contributed to local price fluctuations. Various factors, including an export ban by India and difficulties with Brazilian imports, impacted supply levels.

Besides, disruptions in global shipping routes further complicated matters.

The senior secretary said onion stocks are expected to recover soon, while soybean and palm oil imports are ongoing. A declining trend in vegetable prices is anticipated to continue in the coming days.

According to meeting sources, importers at the meeting demanded assessment duty reduction on dates by the revenue board. The ministry said it has already notified the revenue authorities regarding the topic.

Besides, commerce officials mentioned efforts to expedite clearance for certain products already at ports and customs by engaging with relevant authorities.

The commerce secretary said that the recent Suez Canal incident would not significantly impact the local market.