Minimum LC margin or LC zero margin has been allowed for importing essential commodities to meet consumption demands for next Ramadan, said Commerce Minister Tipu Munshi on Wednesday.

But because of LC opening other businesses will not suffer, he said.

Later, buyers can pay the dues of the commodities after 6 months as per the rules, he added.

“Dollars are being supplied as per the market situation in terms of imports. However, for remittance payment the amount is not given less,” he said.

The minister said the prices of pulses, oil and sugar, which need to be imported, have increased slightly following increase in the global market.

Read more: E-commerce has a billion-dollar prospect in Bangladesh: Tipu Munshi

But the prices of agricultural products in the country are low and may stay stable for the next two to three months, he added.

He said the prices of imported goods have increased because of higher dollar rates. In line with the dollar rates the prices of those goods are being fixed. That’s why the inflation remained under control compared with other countries, he said.

The minister said that the purchasing power of the people is limited. So, as long as it is necessary, one crore families will be provided with essential commodities at subsidized prices through TCB (Trading Corporation of Bangladesh).

He said that Prime Minister Sheikh Hasina has asked all to be economic to check the cost of imports. About 40 percent electricity consumption of the country has been reduced through special initiatives.

Currently, the difference between the import and export volume has narrowed. Dollars are being saved by reducing imports of luxury goods.

On Tuesday, Bangladesh Bank has allowed 8 essential commodities “usance term” (credit for suppliers/buyers) to meet consumption demands for next Ramadan.

Read more: LCs under scanner to check money laundering: Tipu Munshi

The foreign exchange policy department of Bangladesh Bank on Tuesday issued a circular on 90-day credit facility for suppliers/buyers of these commodities with immediate effect. This facility will remain applicable for the initiation of imports till March 31, 2023.

Traders got the opportunity to import edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates under 90 days of suppliers'/buyers' credit.