The upcoming Ramadan will see two to four times more imports of rice, sugar and cooking oil, compared to last year, which will help contain the price spirals of essentials during the fasting month, according to a Bangladesh Bank (BB) statement issued yesterday.

The central bank said this after Governor Atiur Rahman met the chief executives of public limited banks. The BB estimates were on the basis of unsettled letters of credit (LC) with banks.

The opening of new LCs is going on, the BB said, adding: "If the tendency of making hefty profits is shunned and the supply channels are kept properly operational, the unwanted price spirals will not occur in Ramadan.”

Till May 28 this fiscal year, LCs worth $455 million meant for rice import remained unsettled, which was $117 million during the same period last fiscal year, according to the central bank.

Such unsettled LCs for sugar are worth $739 million, up from $288 million last year, and for edible oil $757 million against last year's $390 million.

News: The Daily Star/ Bangladesh/ Jun-06-2011