Central bank caps onion import lending rates at 9pc; govt mulls capping price
Dhaka, Oct. 2 -- And the government is weighing locking the maximum prices of onion after its cost skyrocketed following India's ban on exports.
The central bank in a notice on Wednesday said it has locked the maximum rate of interest of funds for import of onion until Dec 31 in order to ensure sufficient supplies and stop the prices from spiralling further.
It also advised the banks to keep the margin rates of LCs for onion import at minimum levels.
Commerce Minister Tipu Munshi told reporters at the Secretariat that onion prices should not have started rising before India's export ban affected the markets.
"It means some traders took advantage," he said.
Noting that import of the crop from Myanmar and other countries had already st...
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