BB sets 9.0pc interest for onion import

FT ONLINE

The Bangladesh Bank (BB) has directed all scheduled banks to finance onion import with 9.0 per cent interest aimed at preventing the upward trend of the onion price in the country.

 “Recently, it is noticed that the onion price in the local market is upward due to rise in the price in the international market. So, there is a crisis of onion at the consumer level,” according to a BB circular, issued on Wednesday.

In this circumstance, BB asked banks to finance in importing of onion with 9.0 per cent interest for ensuring enough supply of onion in the local market and preventing the upward trend of price.

Besides, BB suggested banks to keep the lowest margin for the onion import credit instrument.