Bangladesh News

Bangladesh Bank yesterday fixed the highest rate of interest at 12 per cent on bank loans for importing a number of essential commodities, including edible oil, to keep the prices of these goods bearable.

The central bank sent a circular to all commercial banks yesterday saying that the order has been issued to keep the prices of essentials under control, especially during the next Ramadan.

The commodities are crude and refined edible oil, gram, pulses, peas, onion, spices and dates.

The Bangladesh Bank circular has also advised the commercial banks to keep the fixed charge, fees and commission at a logical level in case of importing these commodities.

In last two days, the prices of these commodities were going up. According to a TCB report, soybean oil price shot up by about 7 per cent yesterday over the price a month back. The price of palm oil increased by 27 per cent during the period.

Lentil price increased by about 12 per cent while the price of onion fell yesterday.

However, the prices mentioned by the TCB did not match with market price. The TCB quoted price of imported onion at Tk 15 and the local variety at Tk 24 per kg. But on a visit to markets The Daily Star correspondent found that imported onion was selling at Tk 20 while the local variety at Tk 28 per kg.

To bring down the price of edible oil, the commerce minister held several rounds of meetings with the businessmen but the attempt failed.

Bangladesh Bank sources said they have fixed the interest rate and other charges so that the import cost remains low. The central bank will also monitor it, sources added.