The duty cut is the latest in a series of steps the government has taken to bring down rice prices. In December 2015, the government increased customs duty on rice imports from 10 percent to 25 percent to discourage imports. The depleting reserves have caused rice prices to spiral out of control with millers and wholesalers blaming each other. Bangladesh Bank on Monday instructed banks to allow private traders to import rice without any deposit against letters of credit or LC margin. The new rules will remain in force until Dec 31, which will allow the traders to import rice first and make the payments afterwards.

Source: bd News24 June 20, 2017 09:11 UTC