Business Report :
The government is considering reducing the import duty on rice in an effort to stabilise rice prices in the country.
Sources at the finance, commerce, and food ministries indicate that this decision is being contemplated due to recent floods that severely impacted paddy cultivation.
Major agricultural areas, including Chattogram, Feni, Noakhali, Laxmipur, and Cumilla, were flooded, and currently, Rangpur, Sherpur, Lalmonirhat, Netrokona, and Mymensingh are facing flood. These regions are vital rice producers for the country.
As a result, rice prices have risen significantly in the local market, causing difficulties for consumers.
According to commerce ministry sources, the price of various types of rice has increased by 8-10 per cent recently.
“In this situation, the government aims to control prices and stabilize the market through rice imports. An initiative is underway to reduce the import duty on rice,” said a finance ministry official wishing not to be named.
Currently, rice imports are subject to a 62.50 per cent customs duty. The food ministry has requested the National Board of Revenue (NBR) to lower this duty to 5 per cent.