Bangladesh Bank Eases Import Rules to Lower Fruit Prices

In an effort to make fruit prices more affordable, Bangladesh Bank has removed the mandatory 100% cash margin requirement for opening Letters of Credit (LCs) for fruit imports.

With green apples currently selling at BDT 500 per kg, grapes at BDT 500–600 per kg, and good-quality dates reaching BDT 1,500 or more, prices for almost all imported fruits including malta and oranges have remained steep. The new directive allows importers to open LCs by depositing a lower initial cash amount based on banker-customer relationships, paying the remaining balance upon unloading goods at the port, thereby easing their financial pressure.

According to a circular issued on Sunday (August 16) by the Banking Regulation and Policy Department (BRPD), this decision comes as the country's foreign exchange rate and transaction stability show gradual improvement. The central bank highlighted that fruit is an essential daily nutritional element for the public especially children, patients, the elderly, and pregnant mothers.

By easing import conditions, Bangladesh Bank aims to meet public health and nutritional needs, lower prices to a tolerable level, and ensure adequate supply through a competitive market.

Other restrictions outlined in the BRPD Circular Letter No. 41 issued on September 5, 2024, regarding other luxury and import-substitute items, remain unchanged. Issued under Section 29 of the Bank Company Act, 1991, this new order takes effect immediately.