Govt slashes duty on rice to check prices

Bangladesh government has decided to lower the import duty on rice in a bid to rein the instability in price of the prime staple in the domestic market.

In opposed to the 28 percent existing duty, the new rate will be 10 percent, Commerce Minister Tofail Ahmed told reporters at his office this afternoon.

A gazette will be issued in this regard soon.

The high import duty was placed back in 2015 and 2016 when the government was trying to protect the local farmers in opposed to cheap Indian rice flooding the market.

Currently, the rice import by the private sector has dropped to a four-year low at a time when its prices have shot up in the domestic market – a hike blamed on the high import duty.

Source: thedailystar