Traders will now get 90 days to pay import bills for eight essential commodities as the central bank has given the opportunity in order to ensure adequate supply of the items on the market in Ramadan. The commodities are edible oil, chickpea, pulse, pea, onion, spices, sugar and dates.
Based on the bank-client relationship, traders can import these Ramadan essentials by also opening letters of credit with a minimum margin. The privilege will be eligible for the date of initiation of imports till 31 March next year.
Another official of the central bank said for deferred payment, banks will coordinate with the importers to lower LC margin based on its relationship with their customers. The central bank previously fixed the opening margin rate for LC settlement at 75% to 100% in a bid to limit imports to save the depleting foreign currency reserves in the country.
