Cross-check commodity prices for import

Bangladesh Bank yesterday asked banks to verify prices quoted by importers for commodities by cross-checking with what was prevailing in international markets. 

Taking note of the ongoing global commodity market trends, banks are advised to adhere to regulatory parameters for verification of import prices and price competitiveness, according to a central bank notice.

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A BB official said there have been price fluctuations of commodities in global market in recent times, which was why the central bank asked banks to verify the prices cross-checking with several international markets.

If the verification is done properly, importers might be able to buy their products from global markets at a lower price, he said.

Bangladesh's foreign exchange market has been facing volatility in recent months due to the escalation of import payments amidst disruptions to global supply chains.

The country's import payments increased 17 per cent year-on-year to $12.7 billion in the first two months of this fiscal year.