BB asks banks to keep LC margin on onion import within 9pc

Bangladesh Bank (BB) on Thursday asked banks to keep the interest rates on the loans used to import onions at maximum 9 per cent, reports BSS.

“The prices of onion are on an upward trend at local markets following the price hike of the key cooking ingredient in international markets,” said a BB circular issued today.

Under the circumstances, BB instructed banks to keep the margins on opening letters of credits (LCs) for importing onions at a minimum level.

The instruction would be effective until 31 December this year.