Print Edition - 2017-06-21  |  Money Digest

B’desh to cut rice import duty


Jun 21, 2017-

Bangladesh will lower tax on rice imports in a bid to cool record-high local prices amid dwindling state reserves, the country’s commerce minister said on Tuesday. Domestic rice prices reached an all-time high in May after flash floods hit local output and state rice stocks plunged to 10-year lows. “We have decided to reduce the import duty to 10 percent from the current 28 percent,” Commerce Minister Tofail Ahmed told reporters. The price of rice will come down by 6 taka per kg as a result of the tax change, the minister said. High demand from Bangladesh, the world’s fourth-biggest rice producer, could underpin prices in major exporters such as Vietnam, Thailand and India. Bangladesh is set to import 200,000 tonnes of white rice at $430 a tonne and 50,000 tonnes of parboiled rice at $470 a tonne from Vietnam in a government-to-government deal, said Ataur Rahman, additional secretary at the food ministry.

Published: 21-06-2017 08:29

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