24 global banks to accept Bangladeshi LC to import Russian food grain

Twenty-four global banks have agreed to accept the letters of credit (LCs) from Bangladesh to import food items from Russia and Ukraine in US dollar -- a big sigh of relief as it will play a big role in cutting food prices in local market.

Commerce Minister Tipu Munshi shared the information with journalists today after a meeting with other ministers at secretariat in Dhaka on issues related to food import from Russia and Ukraine.

There was no confusion about Bangladesh's import of food items from Russia and Ukraine and now the global banks' go-ahead cleared all the barriers, the minister said.

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Bangladesh to import 3 lakh tonnes of wheat from Russia

If necessary, the government will import food items from international markets to tame the rising food grain prices, Munshi said.

He said there is no sanction on import of food grains from the two Eastern European countries.

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Russia offered to export 2 lakh metric tons of wheat to Bangladesh

However, the minister did not say when and how much food items will be brought in from Russia and Ukraine as they only discussed the issue in the meeting but are yet to take any final decision about it.

Also, since 24 global banks agreed to accept the LCs of Bangladesh in dollars, so the banking barriers have also been removed on import of food items from Russia and Ukraine, the minister said. The minister did not disclose the names of the 24 banks immediately.